Social and Behavioral Sciences Commons^™

Legal Risk And Insider Trading, Marcin Kacperczyk, Emiliano Sebastian Pagnotta

Research Collection Lee Kong Chian School Of Business

Do illegal insiders internalize legal risk? We address this question with hand-collected data from 530 SEC (the U.S. Securities and Exchange Commission) investigations. Using two plausibly exogenous shocks to expected penalties, we show that insiders trade less aggressively and earlier and concentrate on tips of greater value when facing a higher risk. The results match the predictions of a model where an insider internalizes the impact of trades on prices and the likelihood of prosecution and anticipates penalties in proportion to trade profits. Our findings lend support to the effectiveness of U.S. regulations' deterrence and the long-standing hypothesis that insider …

Social Impacts Of Robotics On The Labor And Employment Market, Kelvin Espinal

Dissertations, Theses, and Capstone Projects

Robotics have been introduced into the workplace to perform tasks that human beings have traditionally fulfilled. Complementing or substituting human labor with robotics eliminates human involvement in functions attributable to hazardous environments, heavy lifting, toxic substances, and repetitive low-level tasks. On the other hand, they are meant to be more efficient and cost-effective, saving money, time, and labor. However, since the introduction of robotics in the workforce, societal opposition has been towards this branch of technology in fear of losing employment, wages, and purpose.

Previous studies have reported an overarching societal fear that adopting robotics in the workplace and industry …

‘The Robinhood Effect’ - Digital Technology In Global Financial Markets And Its Effects On Investor Decision Making, Ben Steib

Honors Theses

We are currently experiencing a revolution that is larger, arguably, than the industrial revolution, it’s the Internet, also known as the World Wide Web. The Internet has transformed how we live — how we talk, how we work, how we go about our daily business, and how we manage our finances on a global and individual level. In the late 1990s, an investor would search the World Wide Web and, within seconds, find 3,372 websites with the term "investment,” today, the same search for “investment” yields 1,860,000,000 results. Today, as proven with GameStop and other popular ‘meme stocks,’ social media, …

Market Structure And Quality Of Service: Investigating Oligopolies And The Quality Of Nursing Home Care In California During The Covid-19 Pandemic, Tessa Ireton

Senior Independent Study Theses

Quality-of-service outcomes in nursing homes are of great social and human importance. However, especially during the COVID-19 pandemic, consistently maintaining markets with high quality care has been a pervading issue in the American nursing home industry. Furthermore, the industry is strongly characterized by oligopolies, a market structure that literature indicates may be less compatible with quality service than competitive markets. With this paper, I aim to investigate the possible intersection of oligopolist market structures and the quality of nursing home care during the COVID-19 pandemic. I start by describing quality of care in nursing homes, particularly during the COVID-19 pandemic, …

Advancing U.S. Latino Entrepreneurship: A New National Economic Imperative, Marlene Orozco, Alfonso Morales, Michael J. Pisani, Jerry I. Porras

Purdue University Press Books

Advancing U.S. Latino Entrepreneurship examines business formation and success among Latinos by identifying arrangements that enhance entrepreneurship and by understanding the sociopolitical contexts that shape entrepreneurial trajectories. While it is well known that Latinos make up one of the largest and fastest growing populations in the U.S., Latino-owned businesses are now outpacing this population growth and the startup business growth of all other demographic groups in the country.

The institutional arrangements shaping business formation are no level playing field. Minority entrepreneurs face racism and sexism, but structural barriers are not the only obstacles that matter; there are agentic barriers and …

The History And Evolution Of The Market For ‘Delebs’ (Dead Celebrities), Denver D'Rozario, Guang Yang

Atlantic Marketing Journal

In this paper, we survey the history behind the growing market for dead celebrities (‘Delebs’) in their role of creating secondary brand associations. According to some estimates, this market is now worth $2.25 billion in annual licensing and royalty revenues (CBC 2013). We begin, by defining key terms that are used in this market. Next, we do a survey and analysis of the major events that have given rise (intentionally or unintentionally) to this market. For ease of discussion, we discuss these historical events grouped by era. We follow this with a summary of the major events and trends that …

Returns To Buying Winners And Selling Losers: A Look At Cryptocurrencies, Daniel Walker

CMC Senior Theses

This paper is, to my knowledge, one of the first ever to examine the effectiveness of price momentum trading strategies applied to cryptocurrencies. Using aggregate OHLCV (Open, High, Low, Close, Volume) data on cryptocurrency pairs from Poloniex, Bittrex, and Bitfinex, I apply Jegadeesh and Titman’s classic -month/-month momentum trading strategy, reporting annual returns with and without incorporating trading fees. Portfolios are resampled daily, weekly, and monthly, testing lookback and holding periods ranging from one day to one year. The results show that trading cryptocurrencies using momentum strategies derives returns that rapidly increase the more often portfolios are resampled, with the …

Adam Smith, Market And Social Change: Then And Now, Dominique Bouchet

Markets, Globalization & Development Review

Adam Smith (1723-1790) provided us with a remarkable synthesis of the economic and political ideas of his time and developed a conceptual system to analyze social interactions that mattered for the wealth of nations. He proposed a radically different roadmap for the future development of the society he lived in. The fact that his original analyses were rooted in a given historical context and were founded on a well thought-through conceptual system should not be ignored. The dribs and drabs of Adam Smith ideas that are bandied about, particularly to support ‘free’ market and anti-regulatory policies, are a far cry …

Market Efficiency And The Returns To Simple Technical Trading Rules: New Evidence From U.S. Equity Market And Chinese Equity Markets, Gary Gang Tian, Guang Hua Wan, Mingyuan Guo

Gary Tian

Numerous studies in the finance literature have investigated technical analysis to determine its validity as an investment tool. This study is an attempt to explore whether some forms of technical analysis can predict stock price movement and make excess profits based on certain trading rules in markets with different efficiency level. To avoid using arbitrarily selected 26 trading rules as did by Brock, Lakonishok and LeBaron (1992) and later by Bessembinder and Chan (1998), this paper examines predictive power and profitability of simple trading rules by expanding their universe of 26 rules to 412 rules. In order to find out …

Measuring And Recognizing The Value Of Purchased Goodwill: A Note On Market Value Measurement Method, Indra Abeysekera

Indra Abeysekera

Through a review of literature and with conceptual underpinnings, this paper demonstrates that relying on the market value measurement method to ascertain value of purchased goodwill does not contribute to more accurate value of the financial worth of the firm.It argues that the use of market value for the measurement of purchased goodwill for recognition in financial statements is a mere artifact and a response to the contemporary paradigm rather than a measure of the accurate financial worth of purchased goodwill. It demonstrates the need to seek a measurement method that does not impose a transaction as a necessary precondition …

Pay Attention To The Weather Of Business And Life – And Don’T Steer Into An Iceberg, Bob Porter

UCF Forum

A big part of my day is spent thinking about improving business strategy and developing a competitive advantage. It’s what I do in the classroom, as director of UCF’s executive development center, and when I help other businesses. It even spills over into the cycling club I manage.

Machine Learning Techniques And Use Of Event Information For Stock Market Prediction: A Survey And Evaluation, Paul D. Yoo, Maria H. Kim, Tony Jan

Maria Kim

This paper surveys machine learning techniques for stock market prediction. The prediction of stock markets is regarded as a challenging task of financial time series prediction. In this paper, we present recent developments in stock market prediction models, and discuss their advantages and disadvantages. In addition, we investigate various global events and their issues on predicting stock markets. From this survey, we found that incorporating event information with prediction model plays very important roles for more accurate prediction. Hence, an accurate event weighting method and a stable automated event extraction system are required to provide better performance in financial time …

The Value Of Political Connections When Accessing The Ipo Market, Qigui Liu, Jinghua Tang, Gary Tian

Qigui Liu

In this study we examined the value of political connections in firms' access to the IPO market using a sample of Chinese IPO applications from 2006 to 2010. We found a positive relationship between political connections and the probability of IPO approval, and this relationship is strengthened in entrepreneurial firms and weakened in those firms controlled by the state. We further provide evidence that entrepreneurial firms with a disproportional ownership structure and without high technology benefit more from political connections. Our additional tests showed that entrepreneurial (state) firms with political connections also performed better (worse) than firms without. We argue …

The Chinese Social Enterprise: A Global Phenomenon With Chinese Characteristics, Amanda Jingtong O'Malley

Honors Theses

Social entrepreneurship, a concept that integrates business strategies with achieving social goals, is gaining traction in China. However, it is a distinctly Chinese variant of an approach exported by Western entrepreneurs. The purpose of this thesis to is analyze the Chinese social enterprise by identifying China’s socioeconomic and political forces that create the unique environment in which this trend is taking root. By examining how these factors are changing in China’s progressively more market economy, I conclude that key characteristics of the Chinese social enterprise are also shifting in response—moving from a civil society- originated model to a market‐based social …

Ethics And Market Economic System: A General Review And A Survey, Reza G. Hamzaee

International Journal of Applied Management and Technology

Recent global recession has motivated this predominantly historical and exploratory research of thoughts and perceptions. A continuous planning of governmental correction of any market failure, such as various types of externalities and information asymmetry, has been strongly recommended by the pioneers of free enterprise systems. Capitalism—in which private ownership of means of production, physical capital, human capital, financial capital, brand-name capital, social capital, land, and mineral deposits are all protected by law without implementation of a series of certain evolving ethical standards and principles—may not continue to be the same efficient system as implied to be by the cost-benefit balancing …

Macroeconomic Determinants Of Corporate Performance And Failure: Evidence From An Emerging Market The Case Of Jordan, Rami Zeitun, Gary Tian, Steve Keen

Gary Tian

This study investigates the impact of aggregate economic risk on a company’s performance and failure in a panel estimation using 167 Jordanian companies during 1989-2003. Our finding shows that unanticipated changes in interest rate negatively and significantly affect firms’ performance measured by ROA, which suggests that an interest rate rise increases the cost of borrowing and then further negatively affects a firm’s profit. We also found that both the production manufacturing index and Islamic credit facilities positively and significantly affect a firm’s performance. The positive and significant impact of Islamic credit facilities reflects the importance and the significance of the …

Intensity Of Adoption Of Direct Marketing Strategies Among Fruit And Vegetable Farmers In Tennessee, Carey Ann Wolanin

Masters Theses

Consumer interest in fresher foods has increased over the past few years and has stimulated the growth of direct-to-consumer outlets. Tennessee currently hosts many types of direct food outlets, including farmer markets, CSAs, roadside stands, and pick-your-own operations. Using data from a 2011 survey of Tennessee fruit and vegetable producers, factors associated with the percentage of sales fruit and vegetable producers make through direct-to-consumer outlets or intensity of adoption of direct-to-consumer marketing strategies are evaluated using fractional logit and logit regressions. Findings suggest that the percentage of sales a producer makes through direct-to-consumer outlets is associated with farmer age, the …

Capital Structure And Its Implications: Empirical Evidence From An Emerging Market In South Asia, Athula Manawaduge, Anura De Zoysa, Palli Mulla K A Chandrakumara

Anil Chandrakumara

Using panel data regression analysis for a sample of 171 companies, this paper examines the implications of capital structure of corporate entities in an emerging market, Sri Lanka. The results demonstrate that most of the Sri Lankan firms finance their operations with short-term debt capital as against the long-term debt capital. It provides strong evidence to indicate that debt capital has a negative impact on firm performance. The study also found a significant negative relationship between tangibility and performance indicating inefficient utilization of non-current assets. The negative performance implications associated with over-utilization of short-term debts and the under-utilization non-current assets …

The Value Of Political Connections When Accessing The Ipo Market, Qigui Liu, Jinghua Tang, Gary Tian

Qigui Liu

In this study we examined the value of political connections in firms' access to the IPO market using a sample of Chinese IPO applications from 2006 to 2010. We found a positive relationship between political connections and the probability of IPO approval, and this relationship is strengthened in entrepreneurial firms and weakened in those firms controlled by the state. We further provide evidence that entrepreneurial firms with a disproportional ownership structure and without high technology benefit more from political connections. Our additional tests showed that entrepreneurial (state) firms with political connections also performed better (worse) than firms without. We argue …

Extending The Use Of Market Orientation: Transforming A Charity Into A Business, Paul A. Chad

Faculty of Commerce - Papers (Archive)

Charities play a crucial role within society but are facing growing competition. Adopting a market orientation assists for-profit organisations to improve performance and can potentially also assist charities. This paper examines the under-researched topic of how market orientation can be appropriately introduced into a charity, and the resultant effect upon performance. A charity that introduced market orientation is examined using a discourse transformation framework. Thematic analysis of in-depth interviews of employees identifies how management changed the organisation through use of a three-phase process of new managerialism, professionalism and embedding. Few if any papers have previously examined how management of a …

A Conceptual Model For Predicting Overseas Market Entry Order Decisions, Peter R. Massingham

Peter Massingham

I investigate the factors that influence firms’ order of entry into overseas markets. The existing literature identifies a range of firm and industry characteristics that influence the timing entry decision. I extend this research by developing a holistic conceptual model that explains how these factors interact to create conditions leading to first, second and late mover strategies. The paper argues that the factors combine to create strategic scenarios for each entry order. I undertake a four-step process to explain how managers may use this conceptual model to plan appropriate entry order decisions for each scenario. A key to the process …

Call Auction Transparency And Market Liquidity, Evidence From The Shanghai Stock Exchange, Gary G. Tian, Dionigi Gerace, Alex Frino

Dionigi Gerace

This paper examines the impact of pre-trade information transparency in pre-open call auction on market liquidity on the Shanghai Stock Exchange (SHSE). We examine the natural experiment affected by the Shanghai Stock Exchange in July 2006 when it changed its pre-open auction algorithm from an entirely black box into a limited transparent system with a closed order book. We find that the increase in pre-trade information transparency coincides with a statistically significant reduction in spread at the best quotes. The reduction in spread persists even after controlling for known determinants of depth. Furthermore, there is also evidence of a statistically …

Regional Problems In The Implementation Of Labout Market Programs: Aboriginal Employment Programs In Australia, Robert Castle

Robert G. Castle

No abstract provided.

A Technique For Measuring Efficiency Changes In The Provision Of Non-Market And Intangible Public Output, James Hagan, Robert Castle

Robert G. Castle

No abstract provided.

Integration Of Market Economies And The Rights Of Labour: International Regulation, Robert Castle, D P Chaudhri, Chris Nyland

Robert G. Castle

No abstract provided.

The Interactive Effects Of Recruitment Practices And Product Awareness On Job Seekers’ Employer Knowledge And Application Behaviors, Christopher J. Collins

Christopher J Collins

In this paper, I draw on research from the literatures on marketing and recruitment to identify how recruitment practices and company product awareness are related to job seekers’ application behaviors through three aspects of job seekers’ employer knowledge. Based on results from a within-subjects design with data from 123 recruiting companies and 456 student job seekers, my findings suggested the relationships between recruitment strategies and application intentions and decisions are moderated by product awareness. Specifically, low-information recruitment practices are significantly and positively related to application behaviors through employer familiarity and employer reputation when product awareness is low rather than high. …

Exploring Applicant Pool Quantity And Quality: The Effects Of Early Recruitment Practice Strategies, Corporate Advertising, And Firm Reputation, Christopher J. Collins, Jian Han

Christopher J Collins

Drawing on marketing and recruitment theory, we examined relationships between early recruitment practices, organizational factors, and organization-level recruitment outcomes, predicting that low-involvement recruitment practices, high-involvement recruitment practices, corporate advertising, and firm reputation would positively affect the quantity and quality of organizations’ applicant pools. We also predicted that corporate advertising and firm reputation would moderate the effects of the two recruitment strategies. Data for 99 organizations collected from multiple sources provided some evidence that early recruitment practices, corporate advertising, and firm reputation each had direct effects on applicant pool quantity and quality. More importantly, we found that low-involvement recruitment practices were …

The Effects Of Currency Appreciation On Share Market Return: Ardl Approach, Gary G. Tian, Shiguang Ma

Gary Tian

This study employs the ARDL cointegrating approach to examine the impact of financial liberalization on the relationships between three Chinese main bilateral exchange rates and its share market performance. We discovered that a long-term equilibrium relationship measured by cointegration has emerged between the exchange rate of the RMB against the Japanese Yen and, to a lesser extent, the exchange rate against both the US dollar and Hong Kong dollar and the Shanghai Composite Index since 2005 when the Chinese exchange rate regime changed from a peg system to a more flexible managed floating system. We found that the exchange rate …

Rent Seeking Or Market Strengthening? Industry Associations In New Zealand Wool Broking, Simon Ville

Simon Ville

This paper builds on recent conceptual work about associations that is drawn from the new institutional economics. It uses evidence from New Zealand wool broking to indicate the circumstances in which industry associations can operate effectively and in the broader public interest. Through their strong associative capacity and effective specialization of function, wool-broking industry associations developed flexible routines for managing wool auctions, mediated disputes, mitigated opportunism, addressed major market disruptions, and served as a communication channel with government. External pressures and monitoring from other business interests, governments, and a competitive wool market constrained rent-seeking behavior, preventing members from benefiting at …

Inter-Firm Collaboration In Australian Telecom Market, Aimee Zhang, Charles Harvie

Charles Harvie

The Australian telecommunications market is a typical mature market in a developed country. This paper gives an overview of the Australian telecommunication market’s development, industry structure, major components and contributions, major firms, key government agencies and organizations in this market. The history and development process of the Australian telecommunications market is, like most telecom markets in the world, one from monopoly to limited competition, from state ownership to market driven and from closed to open. To study inter-firm collaboration types, benefits, and barriers, a qualitative interview was conducted to collect real industry data from different sectors. Face-to-face interviews were adopted …