Business Commons^™

Essays In Asset Pricing, Muhammed Yonac

Dissertations, Theses, and Capstone Projects

This dissertation consists of three essays in asset pricing with the common theme of return predictability.

Chapter 1: This chapter introduces the motivation, results, and structure of the dissertation.

Chapter 2: I examine the relation between the social ties between firms' headquarters locations and co-movements between their fundamentals and stock returns. The evidence indicates that firms in the same industry with socially connected locations exhibit co-movement in fundamentals and stock returns that exceed those without socially connected locations. However, the stock returns reflect the location information with a lag. To exploit this lagged relationship, we form portfolios that buy (sell) …

Corporate Shareholders In Singapore: Retail Shareholders, Effective Empowerment And The Unfulfilled Promise Of The Digital Revolution, Pearlie M. C. Koh, Hwee Hoon Tan

Research Collection Yong Pung How School Of Law

Under Singapore’s companies legislation, shareholders are vested with significant powers, placing them in the position to play an important monitoring role. Although there are discernible corporate governance benefits to encouraging shareholders to take on a more participatory role, many have argued against shareholder empowerment. Indeed, it is often asserted that shareholders are ill-equipped to play any role in corporate governance for a variety of reasons, including the generally-held view that shareholders, in particular retail investors, are rationally apathetic. The situation is presumed to be exacerbated in Singapore’s “concentrated shareholding” corporate environment. In this research, we sought empirical data to assess …

The Soft Stuff Doesn’T Have To Be Hard: Foundation Investments In Grantee Workers Are Necessary, Valuable, And Measurable, Rusty Stahl

The Foundation Review

There is an urgent need for funder investments in the ability of grantee nonprofit organizations to support their staff. Such investments, when done well, can yield significant value for individuals, organizations, and fields of work or movements. Furthermore, the value of these investments can be evaluated and communicated.

This article explores the reasons for and implications of the inadequate response by funders, offers a path forward for designing investments in grantee staff, and documents how funders can capture and communicate the value of these “talent investments.”

Powerful myths serve as barriers to widespread funder investment in grantee staff, and the …

A Modern Guide To Tourism Economics, Chapter 1: Introduction, Robertico Croes, Yang Yang

Faculty Scholarship and Creative Works

This Modern Guide captures the evolution of foundational tenets, theories, frameworks and models that buttressed tourism economics into an evolving discipline, shining light on both new and old approaches. It systematically examines current and future trends and issues related to new economic perspectives, consolidating the notion of tourism economics as a discipline.

Reducing Property Taxes For Agriculture: Diffusion Of Use-Value Assessment Policy Across The United States, John E. Anderson, Seth H. Giertz, Shafiun N. Shimul

Department of Economics: Faculty Publications

We analyze the spread across the fifty states of use-value assessment (UVA) programs applied to agricultural and rural land for property tax purposes. Taxing land based on the value associated with its current use in agriculture rather than its full market value can confer substantial tax savings for landowners, affecting land use patterns. Using time-to-event models, we find that the secular trend toward urbanization across all fifty states was a driving force behind the spread of UVA policies. In particular, increasing secular trends in agricultural land values (associated with urbanization) provide a strong motivation for agriculture to pursue UVA, and …

Innovation Culture Assessment: An Exploratory Diagnosis Of A Taiwanese Manufacturing Company, Yong Keong Tay

Dissertations and Theses Collection (Open Access)

The purpose of this research study is to better understand how manufacturing firms in Asia are trying to make innovation work and the challenges they are facing in creating and capturing new value. Based on a real-life case study of a medium-sized OEM lock manufacturer in Taiwan (“3ST”), the study sheds light on key building blocks of a robust corporate innovation culture with focus on ‘Values’, ‘Behaviours’, ‘Climate’, ‘Resources’, ‘Processes’, and ‘Success’, using a valid and reliable diagnostic innovation culture framework developed by Rao & Weintraub (2013).

Besides the identification of critical gaps in 3ST’s innovation culture based on Rao …

A Study On The Impact Of Technological Innovation Attributes On Listing Success Rate And Post-Listing Performance, Yijun Xu

Dissertations and Theses Collection (Open Access)

"Key and core technology" enterprises form the backbone of great powers. China’s STAR Market (technological innovation board) is committed to implementing strategies that will lead to technological innovation-driven sustainable development and strengthen the country by building a secure and independent industrial chain that can support the development of cutting-edge technology. From the outset, the STAR Market put forward clear requirements for "key and core technology" enterprises. The technological innovation attributes of the enterprises listed on the STAR Market are the most essential core characteristics, but a question arises as to how best to evaluate their technological innovation attributes. Are these …

Strategizing Battery Swap Service: Self-Operation Or Authorization?, Zhaojun Yang, Quanlong Lei, Jun Sun, Xu Hu, Yali Zhang

Information Systems Faculty Publications

Electric vehicle (EV) charging is still time-consuming compared with traditional vehicle refueling, making many consumers hesitant to make the switch. As a solution, battery swapping allows EVs to get energized within minutes. As economies like China embrace the emerging battery swap market, relevant automakers face strategic choices between self-operation and authorization. This study establishes game-theoretic models of a duopoly EV market comprising two automakers and a battery swap market involving an additional third-party operator. Each automaker may run its own battery swap service entirely or license at least part of it to the third-party operator. The results suggest that authorization …

Nonprofit Spotlight: Rise Up School Of Dance

Journal of Nonprofit Innovation

Mission

To harness the power of dance, mentorship and community to empower students to realize their unique value and develop physical, mental, emotional and social skills that equip them to become the people they are meant to be.

Singing And Healing: Thought Paper, Kimberly Nearon

Journal of Nonprofit Innovation

Singing can be a healing experience, both for the body and the soul (1, 3, 4). “Music has the ability to repair brain damage and return lost memories” (3). Common themes in recent studies and articles discuss how “singing releases endorphins, serotonin and dopamine - the ‘happy’ chemicals that boost your mood and make you feel good about yourself” (3). “Singing also counts as an aerobic activity as it introduces more oxygen into the blood leading to better circulations - and a better mood” (3). Singing can “stimulate the immune response”, “improve snoring”, and “improve lung function” benefiting those who …

Nonprofit Spotlight: Trauma-Informed Utah

Journal of Nonprofit Innovation

Mission

The mission of the TIU Center is to promote and support efforts to move Utah toward becoming a trauma-informed state

Case Study 7: Effects Of Tai Chi On Patients With Mild Cognitive Impairment

Journal of Nonprofit Innovation

“Background and Purpose. Mild cognitive impairment (MCI) is a common condition, which threatens the quality of life of older adults. Tai Chi (TC) is growing in popularity among patients with MCI. This study is aimed at evaluating the effectiveness and safety of TC in older adults with MCI.”

Case Study 3: Next Steps: Applying A Trauma-Informed Model To Create An Anti-Racist Organizational Culture

Journal of Nonprofit Innovation

“Although there has been a significant increase in the delivery of evidence-supported, trauma-informed care over the past few years, there has been less discussion around the consideration of the broader cultural, political, and societal factors that contextualize client trauma and that also need to be recognized and understood to promote healing and prevent future trauma."

The Economic Impact Of Buying And Redeveloping Ellis Park By Churchill Downs, Thomas E. Lambert

Faculty and Staff Scholarship

Churchill Downs’ acquisition of Ellis Park Racing and Gaming in Henderson, Kentucky reflects the growing number of mergers across the US among racetracks, racetracks and casinos, and casinos with other casinos. Some years back, Ellis racetrack closed for one year due to declining profitability, yet after new ownership took over and a gaming center was added, it began a rebound in earnings (Courier and Press 2008). The $75 million that Churchill Downs plans to spend to transform Ellis Park (Schulz 2022) will have a much bigger impact than the construction, revamping, and expansion of park facilities. This is in addition …

Contextualizing The Organizational Mindset, Joseph A. Carpini, Burak Oc

Research Collection Lee Kong Chian School Of Business

Although Schneider and Pulakos (2022, p. 2) call for scholars to adopt an “organizational mindset,” which includes “an increased organizational frame of reference on variables of interest,” the authors have overlooked the importance of contextualizing such a mindset. Contextualizing “entails linking observations to a set of relevant facts, events, or points of view that make possible research and theory that form part of a larger whole” (Rousseau & Fried, 2001, p. 1). Contextualizing is essential because it provides a common vernacular that facilitates the valid and reliable extension of the industrial-organizational (I-O) mindset to the study of organizational differences and …

Corporate Actions And The Manipulation Of Retail Investors In China: An Analysis Of Stock Splits, Sheridan Titman, Chi Shen Wei, Bin Zhao

Research Collection Lee Kong Chian School Of Business

We identify a group of “suspicious” firms that use stock splits, perhaps along with other activities, to artificially inflate their share prices. Following the initiation of suspicious splits, share prices temporarily increase, and subsequently decline below their presplit levels. Using account level data from the Shanghai Stock Exchange, we find that small retail investors acquire shares in firms initiating suspicious splits, while more sophisticated investors accumulate positions before suspicious split announcements and sell in the postsplit period. We also find that insiders sell large blocks of shares and obtain loans using company stock as collateral around the initiation of suspicious …

Executive Summaries

The Foundation Review

No abstract provided.

Media Relations Strategies Of Philanthropic Foundations: A Longitudinal Analysis Of News Releases Produced By Top U.S. Foundations, Richard D. Waters, Giselle Auger, Kelly Husted

The Foundation Review

Given their role in funding programs and services provided by nonprofit organizations, foundations have a critical role as advocates for social change. However, grant money is by itself not enough to create that change. Agenda-setting theory highlights the critical role of organizations in bringing change issues to the attention of the media and, therefore, the public. This article uses content analysis to compare two sets of a random sample of news releases from 20 of the largest foundations in the United States. The two sets are seven years apart, from 2014 and 2021, to allow comparison of the maturation of …

Book Review: In Defence Of Philanthropy, Nabih Haddad

The Foundation Review

No abstract provided.

Advancing Philanthropic Strategy Through Evaluative Thinking: One Foundation’S Approach, Christine Baker, Margaret Eigsti, Kathryn Racine, Laurence O’Connell

The Foundation Review

The Sisters of Charity Foundation of Cleveland supports Catholic sisters and their ministries in northeast Ohio through the grantmaking, partnership, capacitybuilding, and evaluation efforts of its Catholic Sisters Program Area. The decline of sisters actively engaged in ministry, due both to their rising median age and a decades-long decline in their overall numbers, called for a reconsideration and likely revision of the CSPA existing theory of change.

Unlike other strategic approaches at the foundation, such as ending homelessness or improving health equity, transitioning from sister-led to lay-led leadership of ministries remained largely unexplored: Basic research was lacking, and model practices …

Engaging Community To Build A Community Dashboard, Tanya Upthegrove Gregory, Liz Gordillo

The Foundation Review

The Ruth Mott Foundation’s mission is to advocate, stimulate, and support community vitality in our community of Flint, Michigan. The goal of the foundation’s 2016–2025 strategic plan is that residents of north Flint neighborhoods create and sustain opportunities to contribute and thrive. As a place-based grantmaker, the foundation uses community-level data internally to establish baseline data. Those data, in combination with local relationships and knowledge of other community initiatives, guide the foundation’s grantmaking strategy in the community’s context and assist with data-driven decision-making. Externally, the dashboard supports community engagement through access to local data. The foundation partnered with the Dorothy …

Front Matter

The Foundation Review

No abstract provided.

The Yin And Yang Of Equity-Centered Philanthropy, Douglas Easterling, Laura Mcduffee, Sabina Gesell

The Foundation Review

Foundations face two competing imperatives when they commit to advancing equity. On the one hand, they are counseled to support and follow the lead of community-based groups that are on the front lines of social change. On the other hand, they are also being challenged to use their power and influence to act boldly to change inequitable structures, policies, and institutions. These two orientations, yin and yang, can take a foundation in different directions and thus cause confusion and internal conflict.

The challenge for a foundation is to balance and integrate the two orientations into a comprehensive and effective approach …

Learning As We Go: How Emergent Process Supports Sustainable Community And Philanthropic Change, Elizabeth Myrick, Rachel Mosher-Williams, Laurie Zierer

The Foundation Review

Beginning in 2014, PA Humanities, one of 56 state and territorial humanities councils across the country, drew upon the work of Orton Family Foundation to deploy the Community Heart & Soul method, which centers community planning and civic engagement around connecting people to each other, and to the many assets of the places they live, through individual storytelling and collective narrative building.

Between 2015 and 2018, PA Humanities awarded matching grants to three locations in Pennsylvania — Greater Carlisle, Meadville, and Williamsport — to pilot PA Heart & Soul, a humanities-based, resident-driven community planning process that cultivates a shared sense …

Back Matter

The Foundation Review

No abstract provided.

Tfr 14.3 Full Issue

The Foundation Review

No abstract provided.

Editorial, Teresa R. Behrens

The Foundation Review

No abstract provided.

Overnight Returns, Daytime Reversals, And Future Stock Returns, Ferhat Akbas, Ekkehart Boehmer, Chao Jiang, Paul D. Koch

Research Collection Lee Kong Chian School Of Business

A higher frequency of positive overnight returns followed by negative trading day reversals during a month suggests a more intense daily tug of war between opposing investor clienteles, who are likely composed of noise traders overnight and arbitrageurs during the day. We show that a more intense daily tug of war predicts higher future returns in the cross section. Additional tests support the conclusion that, in a more intense tug of war, daytime arbitrageurs are more likely to discount the possibility that positive news arrives overnight and thus overcorrect the persistent upward overnight price pressure.

Experiential Learning: The Case Of Training Mba Students In An Asian School, Chiyachantana N. Chiraphol, Kuan Yong David Ding, Jack Jiajun Hong

Research Collection Lee Kong Chian School Of Business

Consulting for a startup company is an effective way for Master of Business Administration (MBA) students to learn about management consulting, and the ways and means of a startup company. This paper discusses the experience of an MBA startup project within the context of a core corporate finance course. The project requires the active engagement of several groups of stakeholders—MBA students, the university’s entrepreneurship incubator, a selection of startup companies, and the project’s academic collaborators. In line with the literature, we find that entrepreneurship education through student-startup collaboration contributes to the students’ entrepreneurial learning, and that the offering of an …

Does Social Media Accelerate Product Recalls? Evidence From The Pharmaceutical Industry, Yang Gao, Wenjing Duan, Huaxia Rui

Research Collection School Of Computing and Information Systems

Social media has become a vital platform for voicing product-related experiences that may not only reveal product defects but also impose pressure on firms to act more promptly than before. This study scrutinizes the rarely-studied relationship between these voices and the speed of product recalls in the context of the pharmaceutical industry where social media pharmacovigilance is becoming increasingly important for the detection of drug safety signals. Using Federal Drug Administration (FDA) drug enforcement reports and social media data crawled from online forums and Twitter, we investigate whether social media can accelerate the product recall process in the context of …