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Articles 1 - 27 of 27
Full-Text Articles in Business
A Survey Of Retail Trade Patterns In South Dakota: 2012-2021, Rand E. Wergin
A Survey Of Retail Trade Patterns In South Dakota: 2012-2021, Rand E. Wergin
Faculty Publications
This paper provides an analysis of retail sales and retail trade in the state of South Dakota for the years 2012 to 2021. This analysis will provide valuable information to community leaders in the cities and towns of South Dakota. Along with measures such as unemployment and inflation, Retail Pull (RP) provides a measure of community’s economic health. For example, retail is often the largest employer in a city, particularly the smaller communities of South Dakota, and a robust retail sector provides a tax base to support community services. Thus, the economic health of the community depends on the viability …
Incentivizing Innovation: Promoting Technical Competency To Win Future Wars., James E. Bevins
Incentivizing Innovation: Promoting Technical Competency To Win Future Wars., James E. Bevins
Faculty Publications
Despite numerous studies and initiatives, most current Air Force efforts to add science and technology talent have been insufficient. This begs the question: How does the Air Force incentivize and promote the necessary technical competence required to win future competition, conflicts, and wars? Several key initiatives, grounded in behavioral economics, can incentivize innovation and pursue science and technology expertise. Developed in the context of peer adversaries’ actions; global trends in technology, competition, and conflict; and the global competition for science and technology talent, these recommendations have the potential to reform institutional culture and unleash the creativity and talent of the …
A Dichotomy Of Sport Sponsorships: Does The Nature Of Competition Among Sponsors Matter?, Thomas Doellman, Brian Walkup, Adrien Bouchet, Brian Chabowski
A Dichotomy Of Sport Sponsorships: Does The Nature Of Competition Among Sponsors Matter?, Thomas Doellman, Brian Walkup, Adrien Bouchet, Brian Chabowski
Faculty Publications
In this paper, we argue that the firm value implications of sport sponsorships for sponsors may depend on the competitive environment during the bidding process for different types of sponsorships. More specifically, we contend that the bidding environment for professional football (soccer) kit sponsorships represents a form of common value auction, while the bidding environment for corporate logo sponsorships on teams’ shirts does not. As common value auctions are prone to winner’s curse, the firm value implications should be different for kit sponsorship announcements than for shirt sponsorship announcements. Our results suggest that shareholders indeed perceive the value derived from …
Japan's Stock Market Performance: Evidence From Toda-Yamamoto And Dolado-Lutkepohl Tests For Multivariate Granger Causality, Kishor K. Guru-Gharana, Matiur Rahman, Anisul M. Islam
Japan's Stock Market Performance: Evidence From Toda-Yamamoto And Dolado-Lutkepohl Tests For Multivariate Granger Causality, Kishor K. Guru-Gharana, Matiur Rahman, Anisul M. Islam
Faculty Publications
This paper empirically examines the causal linkages of Japan's stock market (proxied by Nikkei 225 index) performance with selected key macroeconomic fundamentals. Relatively recent Toda-Yamamoto and Dolado-Lutkepohl, multivariate Granger causality tests are implemented. Monthly time series data from September 1974 to February 2017 with a large sample size of 510 monthly observations covering the floating exchange rate regime were utilized. The study documents some interesting and some unexpected results. Bi-directional causality is evidenced only between the stock market and the industrial production. Somewhat counterintuitively, unidirectional causality runs from stock market to money supply. Furthermore, unidirectional causality flows from interest rate …
Study Of The Impact Of The Great Recession On The Relation Between Earnings Surprises And Stock Returns, Benjamin Anderson, Stoyu Ivanov
Study Of The Impact Of The Great Recession On The Relation Between Earnings Surprises And Stock Returns, Benjamin Anderson, Stoyu Ivanov
Faculty Publications
This paper examines the impact of the Great Recession on the relation between earnings surprises and stock returns and examines the role that informed and uninformed investors play in the formation of the post-earnings announcement drift (PEAD). We use quarterly earnings surprises (SUE), firms' standardized unexpected returns, calculated as actual earnings minus expected earnings, scaled by stock price one day prior to the earnings announcement, and one-year future stock returns, the subsequent twelve-month abnormal stock returns, calculated as the difference between the firm's buy-and-hold return and the value-weighted market buy-and-hold return, to test whether the Great Recession had an impact …
Country And Industry-Level Performance Of Nasdaq-Listed European And Asia Pacific Adrs, Mark Schaub
Country And Industry-Level Performance Of Nasdaq-Listed European And Asia Pacific Adrs, Mark Schaub
Faculty Publications
This study examines the 3-year performance of NASDAQ-Listed Asia Pacific and European ADRs versus the NASDAQ Index and their respective regional indexes from 1990-2010. Country specific performance results show ADRs from China, Japan and Ireland performed best versus the US and regional benchmarks. Industry-level results show the best industry performers were in the Technology Hardware & Services industry and in Energy companies.
Capabilities, Human Development, And Design Thinking: A Framework For Gender-Sensitive Entrepreneurship Programs, Tonia Warnecke
Capabilities, Human Development, And Design Thinking: A Framework For Gender-Sensitive Entrepreneurship Programs, Tonia Warnecke
Faculty Publications
This paper discusses the ways that capabilities and human development theory can guide the creation of entrepreneurship programs, utilizing a framework of human-centered design thinking. It is well known that a variety of institutional factors shape gender outcomes and gender inequality within entrepreneurship, particularly with regard to necessity versus opportunity entrepreneurship and informal versus formal sector entrepreneurship. Failure to understand the diversity of entrepreneurial activity among women, and the connection (or lack thereof) of such activity to human freedom, leads to biased entrepreneurship programs. This paper links social economic theory and practice by: (1) discussing the ways that capabilities and …
Analysis Of The Factors Impacting Etfs Net Fund Flow Changes, Stoyu Ivanov
Analysis Of The Factors Impacting Etfs Net Fund Flow Changes, Stoyu Ivanov
Faculty Publications
PurposeThe purpose of this study is to identify the factors that impact the exchange-traded funds net fund flow changes on a daily basis.Design/methodology/approachA total of 1,212 different exchange-traded funds with a proprietary daily net fund flow data and logistic regressions were studied because the majority of the 1,212 exchange-traded funds have mostly zero daily net fund flow changes.FindingsIt was documented that in the period December 22, 2005 to July 28, 2010 autocorrelation at the daily frequency is not universally present for the 1,212 exchange-traded funds that we study, despite the fact that this is the case in the monthly data …
Study Of Reit Etf Beta, Stoyu Ivanov
Study Of Reit Etf Beta, Stoyu Ivanov
Faculty Publications
PurposeThe aim of this study is to examine real estate investment trust exchange-traded funds (REIT ETFs) and test for the existence of the “asymmetric beta puzzle” phenomenon in these financial instruments that are relatively new and are gaining popularity. The “asymmetric beta puzzle” phenomenon is used to identify the hedging and diversification benefits of a financial instrument. “Asymmetric beta puzzle” exists when betas in declining markets are higher than betas in advancing markets.Design/methodology/approachTo study 14 REIT ETFs by using monthly and daily Center for Research in Security Prices (CRSP) data. Capital asset pricing model (CAPM) and Fama–French three-factor model were …
Managerial Segmentation Of Service Offerings In Work Commuting, Steven D. Silver
Managerial Segmentation Of Service Offerings In Work Commuting, Steven D. Silver
Faculty Publications
This study reports an implementation of procedures that multivariate methodology make available to assess the relative importance of attributes of service offerings to work commuters. Adaptive choice conjoint analysis was used to derive the importance weights of attributes in available service offering to a commuter sample. A clustering procedure was then used to define homogeneous sub-groups of the sample and the combination of demographic differences that discriminate clusters. Results of this assessment are used to indicate how a market in workcommuting can be segmented on the basis of user indications of the importance of attributes of service offerings.
A Note On Location And The Output Effect Of Ad-Valorem Taxes Under Free Entry Oligopoly, Yeung-Nan Shieh
A Note On Location And The Output Effect Of Ad-Valorem Taxes Under Free Entry Oligopoly, Yeung-Nan Shieh
Faculty Publications
This paper examines the output effect of an ad-valorem tax of undifferentiated oligopolistic firms in the Weber-Moses triangle. It shows that an increase in the ad-valorem tax will increase each firm’s output but may increase the number of firms and total output of firms if the inverse demand function is linear, concave or not too convex. This result is different from the well-known Tanaka’s result in non-spatial economy. It indicates that oligopolistic firm’s location decision has important influence on the output effect of the ad-valorem tax.
Long Term Adr Performance: How Do Regional Issues Listed On The Nyse Compare To Us And Regional Index Returns?, Mark Schaub, Todd A. Brown
Long Term Adr Performance: How Do Regional Issues Listed On The Nyse Compare To Us And Regional Index Returns?, Mark Schaub, Todd A. Brown
Faculty Publications
This study examines the long-term performance of Asia Pacific, European, and Latin American ADRs versus the S&P500 and their respective regional indexes from 1990-2010. The sample was dividend by stable markets (1990s) and volatile markets (2000s). We find that, when analyzed in total, regional indexes perform similarly to the S&P500. However, the Asia Pacific and Latin America regions do offer diversification benefits individually. Furthermore, the ADRs from each region underperform in stable markets (1990s) and outperform in volatile markets (2000s) leading to great diversification benefits.
How Are Brand Names Of Chinese Companies Perceived By Americans?, Marc Fetscherin, Adamantios Diamantopoilos, Allan K.K. Chan, Rachael Abbott
How Are Brand Names Of Chinese Companies Perceived By Americans?, Marc Fetscherin, Adamantios Diamantopoilos, Allan K.K. Chan, Rachael Abbott
Faculty Publications
Purpose – The purpose of this paper was to conduct an experimental design of Americans’ preferences for the English version of Chinese brand names by drawing from prior research in psychology, linguistics and marketing. The impact of string length and semantic relevance to English on meaningfulness, memorability and likeability of brand names from Chinese companies was assessed. Design/methodology/approach – A 2 × 2 experimental design was used, whereby brand names are categorized by string length (short vs long) and semantic relevance to English (with vs without). Respondents’ perception of the Chinese language in terms of pronounceability, language familiarity and language …
Shibusawa Eiichi, Dai Ichi Bank, And The Spirit Of Japanese Capitalism, 1860-1930, John Sagers
Shibusawa Eiichi, Dai Ichi Bank, And The Spirit Of Japanese Capitalism, 1860-1930, John Sagers
Faculty Publications
Shibusawa Eiichi (1840-1931) has been called the “father of Japanese capitalism” and was associated with nearly five hundred business enterprises in his lifetime. From his main position as head of Dai Ichi Bank, Shibusawa was a strong advocate for business interests when the Japanese government was generally preoccupied with military concerns. He also consistently argued that business leaders should look to Confucian principle for moral guidance if they were to maintain the public's trust. Through an analysis of Shibusawa's public statements and his legacy in subsequent historical scholarship, particularly Dai Ichi Bank's 1957 official company history, we see that appeals …
Cash Holdings Of S&P Firms Over The Past Decade, Mary Fischer, Treba Marsh, Todd A. Brown
Cash Holdings Of S&P Firms Over The Past Decade, Mary Fischer, Treba Marsh, Todd A. Brown
Faculty Publications
Over the past decade, financial research suggests US firms hold a significant amount of cash. This growing amount of cash has attracted attention from economists, the business press and government. A firm’s cash balance could well indicate the firm elects to hold cash rather than invest in suboptimal investments. There are trade-offs between holding too much cash and holding too little. This exploratory study attempts to find financial relationships that explain the cash held by S&P 100 firms over the decade from fiscal year 2002 to 2011.
Macroeconomic Variables Effect On Us Market Volatility Using Mc-Garch Model, Jang Hyung Cho, Ahmed Elshahat
Macroeconomic Variables Effect On Us Market Volatility Using Mc-Garch Model, Jang Hyung Cho, Ahmed Elshahat
Faculty Publications
Forecasting equity volatility was thoroughly investigated during the past three decades. The majority based their forecasts on the dynamics of the underlying equity time series. They helped better understand the dynamics of these time series and understand different aspects of volatility. Other models went a step further to include the effect of news announcement on equity volatility. The vast majority ignored the effect of macroeconomic variable or the state of the economy. This paper proposes a volatility-forecasting model that accounts for effect of fundamental macroeconomic variables that reflect the state of the economy. The explanatory variables used measure the stage …
Performance Analysis Of Banks Headquartered In Hollywood Versus Silicon Valley., Stoyu Ivanov
Performance Analysis Of Banks Headquartered In Hollywood Versus Silicon Valley., Stoyu Ivanov
Faculty Publications
In this study we examine the performance of banks headquartered in Hollywood and banks headquartered in Silicon Valley in the period - first quarter 2008 until second quarter 2012, which includes the period of the Great Recession - December 2007 to June 2009. We find that during the financial crisis both Silicon Valley and Hollywood banks suffered but Silicon Valley banks much less than Hollywood banks. After the recession, banks in both regions improved performance again Silicon Valley banks recovering faster. We also find that the level of deposits, the leverage ratio and total loan chargeoffs consistently play a role …
Effects Of Ad-Valorem Taxes On Location Decision Under Free Entry Cournot Oligopoly, Yeung-Nan Shieh
Effects Of Ad-Valorem Taxes On Location Decision Under Free Entry Cournot Oligopoly, Yeung-Nan Shieh
Faculty Publications
This paper examines the impact of the ad-valorem commodity tax as a policy device on the location decision of undifferentiated oligopolistic firms with free entry. It shows that: (1) When the distance between the plant location and the output market is held constant, the optimum location for the oligopolistic firm would be independent of the ad-valorem tax if the production function is homothetic, and (2) when the distance between the plant location and the output market is a decision variable, the optimum location for the oligopolistic firm will move closer to the output market if the demand function is linear …
Targeting The ‘Invisible’: Improving Entrepreneurship Opportunities For Informal Sector Women, Tonia Warnecke
Targeting The ‘Invisible’: Improving Entrepreneurship Opportunities For Informal Sector Women, Tonia Warnecke
Faculty Publications
In the wake of global economic downturn, policymakers in many developing countries are turning their gaze upon two things: private sector-led strategies for economic growth and women’s potential to contribute to this growth. As a consequence, female entrepreneurship has been an area of particular interest to policymakers, businesses, and non-governmental organizations, and many female-targeted policies and programs have been implemented, ranging from microfinance and subsidized loans to training and incubator programs. However, the focus on entrepreneurship as a development strategy conceptualizes entrepreneurship in a particular way—as opportunity entrepreneurship. Opportunity entrepreneurs can identify available opportunities and exploit them; they are often …
Mergers And Beliefs, Todd A. Brown, Thomas Zorn, Geoff Freissen
Mergers And Beliefs, Todd A. Brown, Thomas Zorn, Geoff Freissen
Faculty Publications
We study the combined effects of managerial optimism and market overvaluation on merger premiums and the chosen form of payment. Our empirical results are consistent with market overvaluation and the target manager‘s optimism as having the most influence on mergers. The observed form of payment corresponds to the acquiring manager‘s preferences, suggesting that the acquiring manager dictates the method of payment. Lastly, our model demonstrates why cash mergers are more likely to be hostile, and provides an explanation for why a combination of cash plus stock may be optimal.
Firm And Industry Effects In Accounting Versus Economic Profit Data, Matthew J. Holian, Ali M. Reza
Firm And Industry Effects In Accounting Versus Economic Profit Data, Matthew J. Holian, Ali M. Reza
Faculty Publications
This article presents estimates of firm and industry fixed-effects on profit rates for large US corporations, using both Economic Value Added (EVA), the popular measure of profits produced by Stern Stewart and Company, as well as simple (unadjusted) accounting measures as the dependent variable. We find that the improvement in explanatory power of the fixed-effect model is substantially greater when using EVA than has been documented with alternative measures.
The Persistence Of Accounting Versus Economic Profit, Matthew J. Holian, Ali M. Reza
The Persistence Of Accounting Versus Economic Profit, Matthew J. Holian, Ali M. Reza
Faculty Publications
Drawing on Schumpeterian theory, this article presents estimates of a first-order autoregressive model of profit persistence for large US firms, using Economic Value Added (EVA), the popular measure of profits produced by Stern Stewart and Company, and simple (unadjusted) accounting measures from the Compustat database. We hypothesize about the differences we should expect to find between these two sets of estimates, and also provide a fresh normative assessment of the dynamic competitiveness of the US economy.
Corporate Social Responsibility In Emerging Markets - The Importance Of The Governance Environment, Marc Fetscherin, Shaomin Li, Ilan Alon, Christoph Lattemann, Kuang Yeh
Corporate Social Responsibility In Emerging Markets - The Importance Of The Governance Environment, Marc Fetscherin, Shaomin Li, Ilan Alon, Christoph Lattemann, Kuang Yeh
Faculty Publications
• This study examines how country-level, industry-level, and firm-level factors affect the extent of corporate communication about CSR in Brazil, Russia, India, and China (BRIC). In particular, using the data of 105 largest MNCs from BRIC, we investigate the CSR motives, processes, and stakeholder issues discussed in corporate communications.
• On the country level, we use a newly developed framework of the governance environment which differentiates between rule-based and relation-based governance. Our study reveals that the governance environment of a country is the most important driving force for the communication intensity about CSR.
• Our results show that firms communicating …
Tao Of Downfall: The Failures Of High-Profile Entrepreneurs In The Chinese Economic Reform, Wenxian Zhang, Ilan Alon
Tao Of Downfall: The Failures Of High-Profile Entrepreneurs In The Chinese Economic Reform, Wenxian Zhang, Ilan Alon
Faculty Publications
Through historical reviews and case studies, this research seeks to understand why some initially successful entrepreneurs failed in the economic boom of past decades. Among various factors contributed to their downfalls are a unique political and business environment, fragile financial systems, traditional cultural influences and personal characteristics. Notwithstanding that these factors should be further tested through empirical studies, those high-profile entrepreneurs are oblivious but essential actors in the grand theatre of China's economic transformation and their failures have contributed to the swift development of the Chinese entrepreneurship over the last 30 years.
Executive Perks: Compensation And Corporate Performance In China, Ilan Alon, Pattarin Adithipyangkul, Tianyu Zhang
Executive Perks: Compensation And Corporate Performance In China, Ilan Alon, Pattarin Adithipyangkul, Tianyu Zhang
Faculty Publications
Many studies have examined CEO compensation in developed countries, where a long tradition of disclosure renders data readily available. In emerging economies, particularly in China, where market-based compensation is a relatively new phenomenon, there are few studies of CEO compensation. In addition, information on the use of non-cash compensation is almost absent. Building on the general literature on CEO compensation, and Chinese economic and management studies, this article singularly contributes to the extant literature by (1) examining the motivational determinants of CEO perk compensation, on the one hand, and (2) exploring the relative contribution of perks to performance. We anticipate …
The Ethics Of Taxation, Fred Foldvary
The Ethics Of Taxation, Fred Foldvary
Faculty Publications
The judgment of taxation by ethical standards requires a universally applicable ethic. Such an ethic, natural moral law, can be derived using the Lockean framework based on equality. By this universal ethic, persons have property rights in their bodies and lives, and thus in their labor. The taxation of wages and of products of labor are therefore morally wrong. The equality premise, combined with the Lockean proviso on land, leads to the conclusion that public revenues may be justly obtained from the rental benefit of natural resources. Voluntary user fees and invasion penalties such as pollution charges are also morally …
Privatize Deposit Insurance, Jeffrey Rogers Hummel
Privatize Deposit Insurance, Jeffrey Rogers Hummel
Faculty Publications
No abstract provided.