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Do Analysts Influence Corporate Financing And Investment?, John A. Doukas, Chansog (Francis) Kim, Christos Pantzalis

Finance Faculty Publications

We examine whether abnormal analyst coverage influences the external financing and investment decisions of the firm. Controlling for self-selection bias in analysts' excessive coverage, we find that firms with high (low) analyst coverage consistently engage in higher (lower) external financing than do their industry peers of similar size. Our evidence also demonstrates that firms with excessive analyst coverage overinvest and realize lower future returns than do firms with low analyst coverage. Our findings are consistent with the hypothesis that analysts favor the coverage of firms that have the potential to engage in profitable investment-banking business.

Challenge Course Effectiveness: The Impact On Leadership Efficacy And Work Efficacy Among College Students, Theresa Odello, Eddie Hill, Edwin Gomez

Human Movement Studies & Special Education Faculty Publications

Challenge courses have become increasingly popular in recent years. Many groups are turning to half-day challenge courses due to time and financial constraints. Yet, few studies have quantified the benefits of a half-day course. The purpose of this study was to examine the effects of participation in a four-hour challenge course on leadership efficacy and work efficacy of college students. Pretest, posttest, and follow-up questionnaires were utilized. T-test analyses found that participating in a challenge course has a significant positive effect on increasing one’s leadership and work efficacy from pretest to posttest, after participation in a four-hour challenge course. This …

Eurobond Issue And Firm Value, Roya K. Ardalan

Information Technology & Decision Sciences Faculty Publications

This study explores differences between US-bonds and Eurobonds and analyzes the effect of some Eurobond characteristics on firm value. First, it attempts to determine if investors view U.S. and Eurobonds similarly, especially after the change in tax laws that exempted U.S.-bond holders from paying 30 percent withholding taxes. Then, the paper analyzes the effect of some of the Eurobond issue characteristics such as issue size, issue frequency, yield spread, and maturity term on firm value. The results show that Eurobonds provide investors an alternative for portfolio diversification, and as a result, the bond market remained segmented. Also, the increase in …

Pools And Streams: A Theory Of Dynamic, Practice-Based Awareness Creation In Mediated-Communication, Kal Riemer, Russell Haines

Information Technology & Decision Sciences Faculty Publications

In face-to-face contexts, information about the activities, context, emotions, etc. of others is typically available and often taken for granted. In mediated settings, this awareness information must be actively signaled by technology or users. In this conceptual paper, we offer a theory of the dynamic creation of awareness in mediated settings using a metaphor of pools fed by streams of communication. Pools of awareness are held within users and gradually fill via signals from others. Users desire different pools to be filled before others and direct the streams of interaction to feed those pools first. Furthermore, the desired pools are …

Inter-State Economic Development- Powered By Utilities, John R. Lombard

School of Public Service Faculty Publications

In 2000, a group of state business recruiters from New England joined to promote New England to corporate real estate and site selection consultants at IDRC’s1 World Congress in New York City. At roughly the same time, the two metropolitan areas of Hartford, Conn., and Springfield, Mass., formed the Hartford-Springfield Economic Partnership (HSEP). These informal ventures that cross state borders represent coalitions of business, academic, political and policy leaders working together to foster the combined regions’ economic well-being.

Identifying University Minors To Support The Construction Specialization Area Within A Civil Engineering Technology Program, Vernon Lewis, Carol Considine

Engineering Technology Faculty Publications

Construction programs at many universities are diversified and provide students with opportunities to examine topic areas that include mechanical and electrical systems, safety, business administration, residential construction, real estate, and management. It is impossible for small civil engineering technology programs with a construction emphasis to encompass all of these expertise areas. As industry looks for students with a knowledge base in these areas, it is incumbent upon programs to find avenues to provide these educational opportunities to their students.

To meet the upper division general education requirements for Old Dominion University, students must have either a minor, second major or …

Internal Increasing Returns To Scale And Economic Growth, John A. List, Haiwen Zhou

Economics Faculty Publications

This study develops a model of endogenous growth based on increasing returns due to firms' technology choices. Particular attention is paid to the implications of these choices, combined with the substitution of capital for labor, on economic growth in a general equilibrium model in which the R&D sector produces machines to be used for the sector producing final goods. We show that incorporating oligopolistic competition in the sector producing finals goods into a general equilibrium model with endogenous technology choice is tractable, and we explore the equilibrium path analytically. The model illustrates a novel manner in which sustained per capita …

Industry Specialization And Auditor Quality In Us Markets, Brian Cadman, Michael T. Stein

Accounting Faculty Publications

This study investigates the relation between audit quality, auditor industry market share, and audit fees. Prior literature has asserted that audit providers with high market shares can be designated as industry specialists and that the fee premiums that sometimes attach to these auditors is evidence of a quality differentiated audit product. Using data from the U.S. audit market for the fiscal year 2003 we extend this literature by investigating the relationships among audit fee premiums, auditor market shares, and two dimensions of audit quality: external reporting and economies of scope in providing joint audit and non-audit services. We find little …

Real Estate Mutual Funds: A Style Analysis, Crystal Lin, Kenneth Yung

Finance Faculty Publications

We find that the characteristics of real estate related securities are different from those of the general common equities. To help investors understand better the products offered by real estate mutual funds, we develop style descriptors that are specifically created for real estate related securities. Among the universe of real estate securities, we find real estate funds tilt toward large stocks and favor growth moderately over value. Growth managers outperform value mangers in this sector by 1.51% to 2.30% per year. However, there is evidence of shifts in the investment style among the funds. Our results help investors in evaluating …

Dealing With Harrassment In All Of Its Forms, Michael T. Zugelder, Paul J. Champagne, Steven D. Maurer

Finance Faculty Publications

Workplace harassment in its many forms presents an increasingly serious challenge for employers, in terms of legal liability and its potential negative effect on employee behavior. This article reviews workplace harassment with attention to the affirmative defense that the Supreme Court has authorized and the factors the courts have considered in deciding whether the defense has been established. That analysis in turn is applied to a discussion of specific actions organizations might take to prevent harassment and create a more positive and effective organizational environment.

Financing Port Dredging Costs: Taxes Versus User Fees, Wayne K. Talley

Economics Faculty Publications

The article examines the use of user fee and tax programs to finance the cost of port dredging. The article discusses the U.S. Water Resources Development Act, the Harbor Maintenance Trust Fund, the Harbor Maintenance Tax, which is an ad valorem tax on the cargo's value, the Omnibus Budget Reconciliation Act, articles from the General Agreement on Tariffs and Trade, national user fee program proposals by the former U.S. President Bill Clinton administration, Moriarity's Rule, and the Shapley Value Rule.

Rfid Technology Use In Assembly And Disassembly Processes, Gordana Ostojić, Milovan Lazarević, Vukica Jovanović, Stevan Stankovski, Ilija Ćosić

Engineering Technology Faculty Publications

Modern production conditions demand the application of the concept of distributed production. Today companies are specialized for partial technology processes. Hundreds, sometimes even thousands, of collaborative processes depend on workers’ interaction and communication in product assembly and disassembly phases. RFID technologies can be really helpful in identifying objects in terms of sustainable development, regarding disassembly, recycling and reuse. In this paper we presented VCDE system architecture and the realization method of RFID technology as well as the data acquisition using RFID technology during the product lifecycle from the design process, production, assembly, usage, and an special example is given regard- …

Using Rfid Technology In Collaborative Design Of The Assembly Systems, Stevan Stankovski, Gordana Ostojić, Vukica Jovanović, Branislav Stevanov

Engineering Technology Faculty Publications

Modern production conditions require the application of the concept of distributing production. This approach means coordinative production in a number of small and middle size companies. Multiplex products, consisting of a number of parts, components, and modules are assembled in one function unit in one company, but they may not be manufactured in one place. Huge factory and production complex, which existed in our country, comprised all phases of product lifecycle, from the development of a concept solution to the assembly. Technology of product manufacturing, resource logistics, quality control, product testing and verification of product function characteristics all represented activities …

Divergent Opinions And Value Stock Performance, John A. Doukas

Finance Faculty Publications

Those who believe that capital markets—that is, markets for stocks and bonds—operate efficiently and asset prices fully reflect all publicly available information are engaged in an ongoing debate about the exact interpretation of the “value premium” with those who reject this view. Value premium refers to the superior returns generated by the purchase of value stocks relative to growth, or glamour, stocks. Rationalists, the group believing in market efficiency, argue that because value stocks are fundamentally riskier than growth stocks, the value premium is compensation for bearing risk. Behavioralists, the group arguing that market asset prices don’t reflect all publicly …

Intra-Firm Specialization, Income Distribution, And International Trade, Haiwen Zhou

Economics Faculty Publications

The impact of international trade on a firm’s degree of specialization and income distribution is studied in a general equilibrium framework in which firms engage in oligopolistic competition. International trade increases a firm’s degree of specialization, but the number of goods a country produces may not change. Trade may lower the welfare of the scarce factor of production. Sufficient conditions for a country’s welfare to increase with trade are provided.

Analyzing Faulty Knowledge Systems In Project-Based Environments: An Empirical Investigation In A R&D Organization, Rafael E. Landaeta, Cesar Ariel Pinto, Timothy G. Kotnour, William R. Peterson

Engineering Management & Systems Engineering Faculty Publications

This investigation contributes a framework of the relationships among the faulty elements of a knowledge system in a project-based organization. The framework was developed during an applied research project at a R&D organization. A knowledge system can be defined as a series of inputs, processes, and outputs that interact with each other with the purpose of enhance the performance and capabilities of an organization or work unit through knowledge. The framework was developed using literature, our experience as applied researchers, and data collected from members of a R&D organization. Data was collected through a survey, interviews, and group meetings. The …

Using A Web-Based Supply Chain Management Simulation As An Experiential Learning Tool Across The Business Curriculum, Russell Haines, Jill Hough, Douglas Haines, Scott Metlen

Information Technology & Decision Sciences Faculty Publications

A web based version of the common "Beer Distribution Game" that facilitates experiential learning was developed and tested for use across the business curriculum. While the fundamental elements of the original paper based game were preserved, the web-based on-line multiplayer version offers refinements to game play, administration and debriefing that allow more focus on the learning experience and open possible applications beyond the traditional one-time demonstration of the bullwhip effect. The web-based supply chain management simulation was tested and refined in Strategic Management courses and Integrated Business Curriculum courses at two widely separated universities. Students responded favorably to the on-line …

Production Research In China, S. Chaudhry, S. Feng, H. Li, H. Sui, J. L. Zhang, Z Zhang, Li Xu

Information Technology & Decision Sciences Faculty Publications

(First paragraph) China is the world’s largest emerging economy. In recent years, China has moved to an increasingly market-oriented economy that opens to international trade and investment. At the same time, the popularity of China as a manufacturing base, assembling goods for sale worldwide is growing. In addition to global manufacturers who have built their own plants in China, many manufacturing companies are outsourcing production to Chinese subcontractors and branding the products with their own logos. In today’s China, production research is becoming more and more important; advanced production research becomes an important enabler to make its manufacturing industry competitive. …

Employment Restructuring In Polish Companies During Economic Transition: Some Comparisons With Western Experience, Tomasz Mroczkowski, Mark Wermus, Linda D. Clarke

Information Technology & Decision Sciences Faculty Publications

This paper summarizes the results of a survey of downsizing practices in 90 Polish manufacturing companies. Unlike Russia, where very few employment reductions have been carried out, downsizing in Polish companies is pervasive and appears to be accelerating. The factors that drive downsizing in a transition economy like Poland are not the same as those in the west. Nonetheless, the results of this study indicate that downsizing in Poland has had mostly beneficial effects on company functioning.

Financing Strategies Of The R & D Firm, Lawrence Fogelberg, John M, Griffith

Finance Faculty Publications

This paper investigates the financing strategies of the R&D firm. Our hypotheses are based on Cho's (1992) game theory model where the firm develops a product but needs additional financing to bring it to market. The model generates a particularly rich set of hypotheses: 1) to fund the completion of its project and bring its product to market, the firm initiates negotiations with an established firm; 2) the majority of the acquisitions will be partial cash acquisitions through private secondary offerings. Confirming the model's hypotheses, we find that the majority of the acquisitions are partial cash acquisitions by significantly larger …

Investment Of Resources To Become Competitive: A Survey Of Polish Manufacturing Companies, Mark Wermus

Information Technology & Decision Sciences Faculty Publications

In view of unprecedented transition of the Polish economy, the privatization of manufacturing organizations and the investment of foreign funds in Polish companies, we wanted to learn about manufacturing practices in Polish companies during the period of transition. Analyzing how the companies use forecasts and then where they allocate limited resources may help us to better understand the transition economy and estimate if the way they have chosen may lead them to become world class manufacturers. Poland is a gateway country to other countries in the Eastern European region and many companies in those countries will use the experience of …

From Relations To Rules: A Theoretical Explanation And Empirical Evidence, Shaomin Li, Daniel A. Bell (Ed.), Hahm Chiahark (Ed.)

Management Faculty Publications

(First Paragraph) There is a general perception that people in the East rely more on guanxi (relations, or informal social networks) to govern economic transactions and manage business activities than people in the West. A large quantity of literature on the difference has been produced. One of the dominant views argues that the difference is due to culture, which is treated as an exogenous variable.1 These studies on culture as the determinant of different management and governance style have helped us gain insight on how businesses are conducted in different regions of the world and on how cultures differ through-out …

Divergent Opinions And The Performance Of Value Stocks, John A. Doukas, Chansog Francis Kim, Christos Pantzalis

Finance Faculty Publications

Divergence of opinions among investors, manifested in the dispersion of analysts' earnings forecasts, may play an important role in asset pricing. This article reports tests of whether disagreement can explain the cross-sectional return difference between value and growth (or "glamour") stocks in the U.S. market over the 1983-2001 period. Consistent with the theoretical proposition that stocks subject to greater investor disagreement earn higher returns, the tests found value stocks to be exposed to greater investor disagreement than growth stocks. This finding suggests that the return advantage of value strategies is a reward for the greater disagreement about their future growth …

Writing Reflective Case Studies For The Engineering Management Journal (Emj), Timothy Kotnour, Rafael Landaeta

Engineering Management & Systems Engineering Faculty Publications

This paper's intent is to help authors write reflective case studies for the Engineering Management Journal (EMJ). We offer a process to convert an applied research project with an organization to an EMJ manuscript. Writing a reflective case study is a process of abstracting experiences into approaches, processes, tools, challenges, and "lessons" for a broad audience of engineering managers. This paper serves as a guide for authors to write reflective case studies.

Including Organizational Cultural Parameters In Work Processes, Holly A. H. Handley, Nancy J. Heacox

Engineering Management & Systems Engineering Faculty Publications

Recent work in modeling decision-making work processes has focused on including the national culture of individual decision-makers in order to emphasize the differences in decision criteria between decision-makers of different nationalities. In addition to nationality, a decision-maker is also a member of an organization and brings this organizational culture to his role in the work process, where it may also affect his task performance. In order to represent the organizational impact on the work process, five organizational cultural parameters were identified and included in an algorithm for modeling and simulation of cultural difference in human decision-making. While the five modifiers …

Does Baldrige Make A Business Case For Quality?, Mark L. Dean, Cynthia L. Tomovic

STEMPS Faculty Publications

The Malcolm Baldrige National Quality Award (MBNQA) is a widely accepted model promoting quality management as a means to business success. However, because business results are themselves part of the model, the contribution of the approach-deployment elements to results cannot be determined. The National Institute of Standards and Technology (NIST) maintains a history of Baldrige applications and the results of their evaluations. Statistical analysis of these data could yield insight into whether the approach-deployment advocated by the Baldrige model actually produces excellent results. Although NIST does not currently allow access to the data, future empirical evaluation of the data could …

Identifying Critical Knowledge For Projects, Timothy Kotnour, Rafael Landaeta

Engineering Management & Systems Engineering Faculty Publications

This article is the result of an investigation of the challenge faced by project managers in identifying critical knowledge for projects. Five major areas of project knowledge are identified. The literature defines knowledge as information that has been given meaning.

The critical knowledge for projects was identified through the literature and by our experience as applied researchers. Managers of multi-project organizations can use this article as a guide for identifying the critical knowledge that is vital for their projects.

"See Me, Touch Me, Feel Me": (Im) Proving The Bodily Sense Of Masculinity, Marc A. Ouellette

English Faculty Publications

Ultimately, this paper stems from two cultural strands which intersect in one cultural form, self-improvement advertising aimed at men. The first of these is the figure of the "new man," which appeared in the mid-1980s. The novelty lies in the positioning of masculine bodies precisely for the purpose of being seen. The available criticism was not equipped to account for these positionings. The second cultural strand, the proliferation of technologies which alter the body itself, as opposed to its coverings, makes the gap in the criticism more apparent. The two cultural trends intersect most noticeably in the advertisements for the …

Meeting The Digital Literacy Needs Of Growing Workforce, Abha Gupta, Hassan Ndahi

Teaching & Learning Faculty Publications

Assessment of computer literacy needs from the perspective of potential workforce development is an important part of an educational program involving adult learners. About 22 percent of adults currently entering the labor market possess the technology skills that are required for 60% of new jobs. This paper describes the training provided to tutors and trainers of adult learning centers in Hampton Roads Virginia. Results showed that the trainees, prior to the training, had limited access to computer technology and needed training in incorporating computer technology in the curriculum. After the training, trainees have shown increased levels of comfort with various …

Payroll Tax Incidence: An Empirical Investigation Of Shifting The Payroll Tax Burden, Ted D. Englebrecht, Laurie J. Henry, Govind S. Iyer

Accounting Faculty Publications

The payroll tax earmarked for the financing of social security benefits has been the leading growth tax on small businesses over the past few decades. Small businesses pay more in payroll tax than in any other form of tax. Indeed, these taxes are levied on small businesses irrespective of their profits. The statutory incidence of one-half of the payroll tax being paid by the employer and one-half by the employee may be very different from the actual incidence of the tax due to employer shifting mechanisms.

While there has been considerable conjecture about the shifting of the payroll tax burden, …