International Business Commons^™

Volatility Transmission: Evidence From U.K. Reit & Stock Market Implied Volatility, Mutale Katyoka, Simon Stevenson

Finance Faculty Publications

This paper investigates volatility transmission in the U.K. REIT market. It considers how REIT volatility is related to implied volatility in both the overall stock market as well as that derived from traded options on REIT stocks. The multivariate analysis utilizes both Constant Conditional Correlation (CCC) and Dynamic Conditional Correlation (DCC) GARCH specifications to analyze the interdependence of the data. The findings confirm the presence of volatility transmission across the implied volatility of U.K. REITs, the U.K. implied volatility index, and the U.K. REIT index. The study also applies the variance decomposition approach proposed by Diebold and Yilmaz to examine …

Warsaw Uprising Of 1944, Vanessa K. Gusciora

Pell Scholars and Senior Theses

The Warsaw Uprising of 1944 was a major World War II operation by the Polish resistance Home Army (Armia Krajowa) to liberate Warsaw from Nazi German occupation. It began on August 1, 1944, and lasted 63 days, as the poorly equipped resistance fought against well-armed German forces. The Soviet Red Army, stationed across the Vistula River, offered no significant aid, leaving the insurgents isolated. The uprising was brutally suppressed, resulting in approximately 200,000 Polish civilian and combatant deaths. Warsaw was left in ruins, and the city’s population was forcibly expelled. Despite its tragic outcome, the uprising symbolized Polish resistance and …

Market Reaction Test On Banks & Brokers Based On Bitcoin Price History. A Look At National Commercial Banks And Security Broker, Exchanges, And Service Stocks Following The Most Volatile Swings In Bitcoin’S Price., Payton Earl

CMC Senior Theses

This paper examines if there is an inverse correlation between Bitcoin’s most volatile price swings and national commercial banks and security brokers, exchanges and service companies performance. Company performance in the dataset is measured by Cumulative Abnormal Returns during 2021 within a two-day period where Bitcoin has had the most significant uptick and downtick events. Using a market-adjusted model for my regression, it is concluded that Bitcoin’s largest uptick event did indeed have an inversely negative effect on traditional banks and trading securities companies, as the Cumulative Abnormal Returns were negative for my 107 observations and the event was statistically …

Capturing Value In Emerging Markets: A Real Options Perspective On Resilience And Risk, Alexander Castillo

CMC Senior Theses

This paper examines the evaluation of investment opportunities in emerging markets (EMs) through real options analysis, against the backdrop of their unique risk profiles and the recent trend of EMs exhibiting resilience in economic performance. While EMs are associated with high growth rates and infrastructure gaps, they have shown adaptability, particularly in monetary policy responses to inflation. This paper explores the sensitivity of net present value (NPV) and real options (RO) to changes in the capital asset pricing model, adapting the yield spread to capture default risk and local risk-free rates. Utilizing oil benchmark price data, the paper constructs a …

Initial Financial Assessment Of The Fraport Greece Cluster A Concession, Dimitrios V. Siskos, Alexander Maravas, Ronald Mau

International Journal of Aviation, Aeronautics, and Aerospace

There is a worldwide trend in the privatization of transport infrastructure and airports. Likewise, the Greek government launched an extensive privatization program that granted Fraport AG the right to operate 14 airports for the next forty years. The two separate concessions for clusters of seven airports each are named "Cluster A" and "Cluster B." The financial assessment of privatization contracts is crucial so decision-makers can accurately assess the value of aviation enterprises. This paper applies the Economic Value Added (EVA) methodology and enterprise valuation on Cluster A by assessing the concession company's balance sheets and income statements. We concluded that …

Chinese Fintech Goes Global: Political Challenges And Business Strategies, Yujia He

Patterson School of Diplomacy and International Commerce Faculty Publications

Fintech (the application of digital technology to financial services) has witnessed unprecedented growth, bringing significant implications for the financial system and sustainable development.1 The Financial Stability Board, an international body that monitors and makes recommendations about the global financial system, defines fintech as “technologically enabled financial innovation that could result in new business models, applications, processes, or products with an associated material effect on financial markets and institutions and the provision of financial services.”2 The use of technology in finance is certainly not new—consider the growth of electronic banking and high-frequency trading in the early 2000s. In the past two …

The Pursuit Of Peace: Adlai Stevenson’S Impact On The Cuban Missile Crisis, Alexandra M. Buonanno

Pell Scholars and Senior Theses

This paper explores the idea that Adlai Stevenson was a more significant member of the Executive Committee of the National Security Council and voice for peace than given credit for. It includes the betrayal of Stevenson by JFK during the Bay of Pigs fiasco and how many members of the Kennedy administration felt Stevenson was too naive and weak to be an ambassador to the United Nations during the Cold War. This papers seeks to prove that without Adlai Stevenson the Cuban Missile Crisis would have ended horrifically rather than peacefully.

Eco-Illusions: Unveiling Greenwashing Techniques On Corporate Social Media, Madeline B. Davis

Pell Scholars and Senior Theses

As the climate crisis continues, businesses are becoming savvier with how they communicate their environmental impact to their audiences. Greenwashing, the act of making unsubstantiated claims about the environmental friendliness of products, is becoming more popular amongst unsustainable corporations. Past research shows that companies are using specific techniques to deceive consumers. By conducting a content analysis of five corporate Instagram accounts from companies with past greenwashing allegations, this research used four main criteria to categorize greenwashed posts: color palette recurrent language, pleasant nature imagery, and vague appeals. Vague appeals were most commonly used online. Understanding how companies are perpetuating greenwashing …

Jimmy Carter’S Dilemma: The American Boycott Of The 1980 Summer Olympics, Grace E. Schoales

Pell Scholars and Senior Theses

Amidst strong political tension and the global uncertainty of the Cold War, an unlikely group of American college students took their skills to the Olympic ice in 1980, unknowingly preparing to make history. They defeated the notoriously tough Soviet Union team, boosting American pride across the nation. This victory left the U.S. feeling unstoppable and ready to face off against the Soviets again in a few months at the Moscow Summer Games. There was just one problem- the Carter Administration would soon announce the United States’ official boycott of the Games. This followed heightened Cold War tensions due to the …

An Extended Conceptualization Of Cultural Intelligence, Alexey V. Semenov

Funded Scholarship

Cultural Intelligence (CQ) has gained prominence as a vital attribute for organizational managers, encompassing their ability to navigate diverse cultural contexts effectively. However, despite its acknowledged significance, the relationships among its dimensions need to be better understood. This paper contributes to the existing CQ literature in two ways. First, we propose a model of CQ that integrates elements from previous conceptualizations, separating the motivational component. Our proposed framework retains the metacognitive, cognitive, and behavioral CQ dimensions but does not assume predefined relationships among them. Instead, we demonstrate that metacognitive CQ positively influences cognitive and behavioral CQ. Second, this paper explores …

Understanding The Impact Of Dual Shock On Kuwait Stock Market, Talal A.N.M.S. Alotaibi

Doctoral

The emergence of the COVID-19 pandemic has caused financial markets to suffer historic losses during the first quarter of 2020 at unseen levels since the crisis of the futures markets in 1987. In January 2020, the World Health Organisation officially declared the pandemic, bringing with it significant uncertainty levels to the global economy. The COVID-19 pandemic affected global markets parallel to a simultaneous shock from the Saudi Arabian and Russian oil price wars. As the worldwide health crisis escalated, governments worldwide were forced to take measures that led to economic lockdowns, leading to significant disruption of global supply chains and …

International Diversification And Stock-Price Crash Risk, Alireza Askarzadeh, Mostafa Kanaanitorshizi, Maryam Tabarhosseini, Dana Amiri

Finance Faculty Publications

Despite the recent proliferation of research on internationalization, little attention has been paid to understanding the reasons behind the decrease in firm value accompanying international expansion. By delving into the underlying mechanisms and applying the concept of agency theory to a sample of US firms spanning from 2000 to 2022, we posit that an increased level of information asymmetry in internationally diversified firms incentivizes managers to prioritize their own interests. To protect their careers, CEOs of internationally diversified firms often suppress bad news. This behavior can lead to the accumulation of negative news and heighten the risk of a stock-price …

Implementation Of The Dutch Biking System In The United States Subject: Portsmouth Nh, Linda K. Freeman

Honors Theses and Capstones

This thesis explores the feasibility of implementing the Dutch Biking System in the United States, focusing on Portsmouth NH as a potential candidate for such infrastructure development. By analyzing the history of bicycles, the Dutch biking system, and the American biking system, the study aims to establish the need for enhanced biking infrastructure in the U.S. The research outlines a comprehensive implementation plan based on cost considerations and project scope, with a long-term vision spanning several decades. Key stakeholders, including civil engineers, communications specialists, and data analysts, play crucial roles in designing, promoting, and evaluating the biking infrastructure. The study …

Heterogeneous Adaptability: Learning, Cash Resources, And The Fine-Grained Adjustment Of Misaligned Governance, Xavier Martin, Ilya Cuypers

Research Collection Lee Kong Chian School Of Business

Research Summary: When can a firm make fine-grained adjustments to misaligned subsidiary governance? We examine whether and under what conditions a firm will adapt the equity stake it owns in a subsidiary, enabling improved alignment of the stake with the uncertainty in the local environment. We predict that the rate of adaptation of misaligned equity stakes depends on the experiential and vicarious learning from which the firm can draw, and that these learning effects are contingent on possessing fungible slack resources, specifically cash. Using a sample of 726 Japanese-foreign subsidiaries established in 38 host countries over a 21-year period, we …

Arbitrating Corruption, Rachel Brewster

Faculty Scholarship

One of the most controversial issues in international investment law is how arbitral panels should deal with investments tainted by corruption at their inception. The current practice of investment arbitrators is to refuse to hear investors’ claims when bribery allegations are substantiated. A recent wave of scholarship has attacked this “corruption defense,” arguing that the practice unfairly harms investors and encourages governments to maintain corrupt practices. This Essay responds to that scholarship, arguing that the current approach is the best policy choice on balance. The Essay analyzes three core policy questions at the heart of the debate: Would eliminating the …

An Examination Of The Relationship Between Cheating In Online Classes And Technostress: Perceptions Of Business Faculty, Stacy Boyer-Davis, Kevin Berry, Amy Cooper

International Journal for Business Education

This research study investigated the relationship between technostress creators (techno-complexity, techno-insecurity, techno-invasion, techno-overload, and techno-uncertainty) and faculty perceptions of student cheating in online classes. Data were collected from faculty members of the Management and Organizational Behavior Teaching Society (MOBTS), a member of the AACSB Business Education Alliance, the American Society of Business and Behavioral Sciences (ASBBS), an interdisciplinary professional organization comprised of faculty teaching in accounting, finance, management, marketing, organizational behavior, and computer information systems, and other research panels during 2021 (N = 94). Findings from regression analysis indicated that the techno-complexity subconstruct is positively related to a faculty’s perception …

The Influence Of Risk Aversion On Brand Loyalty With Brand Trust And Brand Affect As Mediating Variables, Nurfuad Wicaksono

ASEAN Marketing Journal

Currently cosmetic products are no longer only intended for women, but also for men. Thus, creating opportunities and a conducive environment for the emergence of new companies. With the increasing number of companies in the men's cosmetic industry today, how to build brand loyalty is one of the biggest challenges companies will face. This study aims to explore the relationship between risk aversion and brand loyalty, and test whether this relationship is mediated by brand trust and brand affect on the purchase of cosmetic and body care products by men. The selection of the sample was carried out using a …

Divined Comity: Assessing The Vitamin C Antitrust Litigation And Updating The Second Circuit’S Prescriptive Comity Framework, William Weingarten

Fordham Journal of Corporate & Financial Law

In re Vitamin C Antitrust Litigation, recently decided by the Second Circuit, sets a grave precedent for American plaintiffs seeking redress for antitrust injuries wrought by foreign defendants. The case involved a group of Chinese manufacturers and exporters of vitamin C, who conspired to fix prices and restrict output in the export market, injuring American consumers in import commerce. The foreign manufacturers conceded that they had colluded in fixing prices and restricting output, in flagrant violation of U.S. antitrust law. And yet, with the assistance of the Chinese government—intervening as amicus curiae—the defendants were successfully able to argue, on appeal …

Reducing Food Scarcity: The Benefits Of Urban Farming, S.A. Claudell, Emilio Mejia

Journal of Nonprofit Innovation

Urban farming can enhance the lives of communities and help reduce food scarcity. This paper presents a conceptual prototype of an efficient urban farming community that can be scaled for a single apartment building or an entire community across all global geoeconomics regions, including densely populated cities and rural, developing towns and communities. When deployed in coordination with smart crop choices, local farm support, and efficient transportation then the result isn’t just sustainability, but also increasing fresh produce accessibility, optimizing nutritional value, eliminating the use of ‘forever chemicals’, reducing transportation costs, and fostering global environmental benefits.

Imagine Doris, who is …

Whither India’S Development: Toward Being A Super Power Or A Super Civilization?, Pradip Khandwalla

Markets, Globalization & Development Review

This commentary was triggered by my reading a lecture delivered by Saurabh Kumar, a former student of mine at Indian Institute of Management, who later served as India’s ambassador in various countries and international bodies. He bemoaned that China had much greater status in global affairs than India. Many others in India hanker for a super power status for India. I find this concern to be somewhat misguided. India should be aiming to be a great civilization, rather than a domineering superpower. The record of all the superpowers till now has been quite spotty in humane terms. My vision for …