Do Cohort Restatements Generate Contagion? A Re-Examination, Melissa F. Lewis-Western, Timothy Seidel, Michael S. Wilkins

Faculty Publications

Gleason, Jenkins, and Johnson (2008) provide evidence that restatements lead to stock price declines among non-restating industry peer firms, suggesting that investors perceive contemporaneous manipulation within the industry. In contrast, Kedia, Koh, and Rajgopal (2015) find that restatements—especially less severe ones—encourage peer firms to initiate earnings manipulation. These divergent findings, together with the rising prevalence of less severe restatements and advances in monitoring technologies, motivate a re-examination of manipulation contagion. Although we are able to replicate the results of both seminal studies, we find that the results in Kedia, Koh, and Rajgopal (2015) are sensitive to design choices that affect …

Psychological Distance And Auditor Assessment Of The Severity Of An Internal Control Deficiency, Scott C. Jackson, John D. Keyser, Douglas F. Prawitt

Faculty Publications

Auditors often underestimate the severity of internal control deficiencies, particularly when associated misstatements are immaterial. We find that auditors are more likely to correctly classify a material weakness when no misstatement information is provided than when misstatement information is available, and that this finding may unconsciously arise from auditors’ construal level in judging control deficiency severity. Through a series of experiments, we manipulate misstatement information related to an internal control deficiency designed to represent a material weakness. We hold the size of potential misstatement constant and find that auditors and graduate auditing students are less likely to correctly assess the …

Who Invests In Crypto? Revealed Types And Economic Drivers Of Retail Investment, Darren Aiello, Scott R. Baker, Tetyana Balyuk, Marco Di Maggio, Mark J. Johnson, Jason Kotter

Faculty Publications

Using transaction-level data from millions of U.S. households, we provide the first comprehensive characterization of retail cryptocurrency investment. Crypto investors are distinguished not by demographics but by a latent behavioral type revealed through consumption patterns—one that also predicts higher participation in traditional equity brokerages. The economic forces driving crypto investment, including income shocks, workplace peer effects, and inflation exposure, mirror those driving traditional investment. Crucially, households whose consumption matches the crypto-investor profile are more responsive to all these drivers across both asset classes, suggesting that investor type is a more relevant distinction than asset class.

When Money Moves In: The Consequences Of Housing Wealth, Darren Aiello, Jason Kotter, Gregor Schubert

Faculty Publications

We construct a novel dataset of millions of household moves over 25 years to examine how housing wealth affects purchase decisions. We find that a $1 exogenous increase in housing equity leads movers to pay a $0.06 premium on their next home, controlling for property characteristics and time-varying local prices. This behavior is driven by search frictions— wealthier households pay a premium rather than incur additional search costs. In aggregate, these decisions spill over to the broader housing market and cause upward regional price pressure. A 10% increase in equity gain among incoming movers increases local house price growth by …

Predicting Anomalies, Boone Bowles, Adam V. Reed, Matthew C. Ringgenberg

Faculty Publications

We show that stock returns exhibit predictable patterns before the publication of anomaly trading signals. Moreover, anomaly trading signals derived from financial data are themselves predictable, making it possible to trade before financial statements are released. A trading strategy based on predicted anomaly signals earns an annualized return of 2.80% in the quarter before the signal is released. In recent periods, this return predictability is concentrated in signals that are harder to forecast, and returns are increasingly earned several quarters before signals are released. Our findings suggest anomalies are more anomalous than previously recognized.

When Money Moves In: The Consequences Of Housing Wealth, Darren Aiello, Jason Kotter, Gregor Schubert

Faculty Publications

We construct a novel dataset of millions of household moves over 25 years to examine how housing wealth affects purchase decisions. We find that a $1 exogenous increase in housing equity leads movers to pay a $0.06 premium on their next home, controlling for property characteristics and time-varying local prices. This behavior is driven by search frictions— wealthier households pay a premium rather than incur additional search costs. In aggregate, these decisions spill over to the broader housing market and cause upward regional price pressure. A 10% increase in equity gain among incoming movers increases local house price growth by …

Análisis De La Accesibilidad Mundial De Los Datos Sobre Organizaciones Sin Fines De Lucro: Hallazgos Preliminares De Un Estudio Comparativo Transnacional, Angie Holzer

Journal of Nonprofit Innovation

Este artículo presenta hallazgos preliminares de un estudio global y comparativo de carácter transnacional que examina la accesibilidad, la estructura y la transparencia de los sistemas de registro de organizaciones sin fines de lucro en todos los países del mundo. Además de determinar si existe una base de datos nacional en línea para organizaciones sin fines de lucro en cada país, el estudio evalúa quién opera estos sistemas —autoridades gubernamentales u organizaciones de la sociedad civil— e identifica los casos en los que se mantienen múltiples registros. El análisis también incorpora indicadores de contexto nacional, —como población, calificaciones en derechos …

Analyzing Global Nonprofit Data Accessibility: Preliminary Findings From A Cross-National Comparative Study (Hindi Version), Angie Holzer

Journal of Nonprofit Innovation

Abstract (अमूर्त)

यह लेख दुनिया भर के सभी देशों में गैर-लाभकारी रजिस्ट्री सिस्टम की पहुंच, संरचना और पारदर्शिता की जांच करने वाले एक वैश्विक, क्रॉस-नेशनल अध्ययन से प्रारंभिक निष्कर्ष प्रस्तुत करता है। यह निर्धारित करने के अलावा कि क्या प्रत्येक देश में एक ऑनलाइन राष्ट्रीय गैर-लाभकारी डेटाबेस मौजूद है, अध्ययन मूल्यांकन करता है कि इन प्रणालियों को कौन संचालित करता है - सरकारी प्राधिकरण या नागरिक समाज संगठन - और उन मामलों की पहचान करता है जिनमें कई रजिस्ट्रियां बनाए रखी जाती हैं। विश्लेषण में राष्ट्रीय संदर्भ संकेतक भी शामिल हैं - जैसे कि जनसंख्या, मानवाधिकार रेटिंग, इंटरनेट का उपयोग …

Analyse Der Globalen Zugänglichkeit Von Nonprofit-Daten: Vorläufige Ergebnisse Einer Länderübergreifenden Vergleichsstudie, Angie Holzer

Journal of Nonprofit Innovation

Dieser Artikel präsentiert vorläufige Ergebnisse einer globalen, länderübergreifenden Studie zur Untersuchung der Zugänglichkeit, Struktur und Transparenz von Nonprofit-Registersystemen in allen Ländern weltweit. Neben der Erhebung, ob in den einzelnen Ländern eine nationale Online-Datenbank für Nonprofit-Organisationen existiert, analysiert die Studie, wer diese Systeme betreibt – staatliche Stellen oder zivilgesellschaftliche Organisationen – und identifiziert Fälle, in denen mehrere Register parallel geführt werden. Die Analyse berücksichtigt zudem nationale Kontextindikatoren wie Bevölkerungsgröße, Menschenrechtsbewertungen, Internetzugang und Governance-Strukturen; diese Variablen werden in diesem vorläufigen Beitrag jedoch noch nicht vertieft ausgewertet.

Darüber hinaus variieren die Anforderungen an die Registrierung von Nonprofit-Organisationen zwischen den Ländern erheblich, wobei viele …

Replanteando Wash: Vías Innovadoras Para Abordar El Agua, La Salud Y La Pobreza, Erica L. Jensen, Emma Indart, Faith Manchester, Sebastian Dorantes, Isabelle Stoddard

Journal of Nonprofit Innovation

El acceso al agua potable y a un saneamiento adecuado (WASH) es un tema fundamental para la salud global y la dignidad humana, pero millones de personas aún carecen de estos servicios esenciales (National Geographic Society, 2025). En 2024, UNICEF estimó que aproximadamente tres cuartas partes de la población mundial tienen acceso a servicios de agua potable "gestionados de forma segura", dejando a unas 2,100 millones de personas sin agua potable confiable(UNICEF, 2025). La cobertura de saneamiento está aún más rezagada, ya que aproximadamente 3,400 millones de personas carecen de servicios de saneamiento gestionados de forma segura y 1,700 millones …

Nonprofit Spotlight: Humanculture, Erica Jensen

Journal of Nonprofit Innovation

No abstract provided.

Access To Water And Sanitation - Joni Full Issue December 2025, Erica Jensen, Angie Holzer

Journal of Nonprofit Innovation

No abstract provided.

Exploring Themes In Leadership Transition At A Rural Nonprofit Community Theatre: An Accidental Research Project, Elise Lael Kieffer

Journal of Nonprofit Innovation

Leadership transitions in nonprofit organizations present both challenges and opportunities, particularly in rural community-based theatres where organizational identity is often deeply connected to individual leaders. This study employs narrative inquiry, guided by the lens of Feminist Pragmatism, to explore leadership change at Playhouse in the Park, a long-standing rural community theatre in Murray, Kentucky. Through interviews, reflections, and observations, the study identifies five emergent themes shaping directors’ experiences: expectations, programming content, personality, relational expectations, and the balance between cautiousness and freedom. Findings suggest that the tensions inherent in rural nonprofit leadership transitions—rather than serving as obstacles—function as necessary forces that …

Innovative Philanthropy And Community-Based Approaches: Bridging Access To Sustainable Solutions In Low-Infrastructure Settings, Stephanie Zabriskie

Journal of Nonprofit Innovation

Nonprofits operating in remote or low-infrastructure environments often encounter structural barriers that undermine social impact, especially for women and girls. These barriers are frequently attributed to funding shortages or lack of innovation. However, evidence from practice suggests that many social problems in these contexts persist not because solutions do not exist, but because they do not reach the communities who need them. This thought paper examines the role of nonprofit organizations as bridging agents that connect existing solutions to underserved communities, using women’s health access in East Africa as a case example. The analysis highlights the limitations of episodic philanthropic …

Rethinking Wash: Innovative Pathways To Address Water, Health, And Poverty, Erica L. Jensen, Emma Indart, Faith Manchester, Sebastian Dorantes, Isabelle Stoddard

Journal of Nonprofit Innovation

No abstract provided.

Analyzing Global Nonprofit Accessibility: Preliminary Findings From A Cross-National Comparative Study, Angie Holzer

Journal of Nonprofit Innovation

This article presents preliminary findings from a global, cross-national study examining the accessibility, structure, and transparency of nonprofit registry systems across all countries worldwide. In addition to determining whether an online national nonprofit database exists in each country, the study evaluates who operates these systems—government authorities or civil society organizations—and identifies cases in which multiple registries are maintained. The analysis also incorporates national context indicators—such as population, human rights ratings, internet access, and governance—but these variables are not analyzed in this preliminary article. Registration requirements also vary substantially across countries, with many systems requiring only minimal documentation and limited verification. …

Academic Summaries: Global Access To Water And Sanitation, Erica Jensen

Journal of Nonprofit Innovation

No abstract provided.

The Dream We All Share, Austin C. Pence

Student Works

We all dream about the same things— owning a home, traveling where we want, and taking care of the people we love. For a lot of us, that feels far away. 1 Original Graphic by Austin Pence, Source: Investor.gov, U.S. government resource providing financial education and investment tools. After all, we’re college students. Between tuition, housing, and Taco Bell runs, saving for retirement feels about as real as gray hair.

But here’s the truth: the earlier you start saving— even just a few dollars a month—the easier your financial life becomes later. You don’t need to be rich to start; …

Realidades De Las Organizaciones De La Sociedad Civil En México: Índice De Fomento A Las Actividades De Las Osc, Pablo Armando González Ulloa Aguirre

Journal of Nonprofit Innovation

Este artículo presenta los hallazgos derivados de la construcción de un Índice que evalúa el estado del fomento de las Organizaciones de la Sociedad Civil (OSC) en las 32 entidades federativas de México durante el año 2021. También describe los criterios considerados en la construcción del Índice y los resultados obtenidos en cada una de sus dimensiones. El Índice proporciona una perspectiva integral y multidimensional sobre el estudio del fomento a las OSC, analizando las dimensiones legal, institucional y programática con el objetivo de comparar los avances y los retrocesos en este ámbito. Al hacerlo, ofrece una oportunidad para mejorar …

Research Summaries - Research For Practice: Joni September 2025 Issue, Erica Jensen, Emma Indart, Emilyn Watkins, Faith Manchester

Journal of Nonprofit Innovation

No abstract provided.

Program Evaluation: Best Practices And Examples For Nonprofits, Erica Bassett, Faith M. Manchester

Journal of Nonprofit Innovation

No abstract provided.

Mapping Nonprofit Data Accessibility In Latin American Countries: Early Insights From An Exploratory Comparative Study, Angie Holzer, Tania Hernandez, Ted Gray Barnes Jr, Noah Ellis, Sumasri Jasti, Hannah Chu, Nithin Kumar, Evan Campione, Louis Ye, Quoc Thai Dinh

Journal of Nonprofit Innovation

This paper presents findings from a global study of nonprofit data accessibility, focusing on Mexico and other Latin American countries. The analysis explores whether nonprofit databases exist, who operates them, what accessibility barriers are present, what requirements nonprofits must meet to register, and what registration costs they face. Using an exploratory comparative design, the study highlights both cross-country similarities and differences while situating nonprofit data systems within broader theories of transparency, accountability, and open-data governance.

Early insights reveal that about 70% of countries in Latin America maintain nonprofit registries, yet accessibility, usability, requirements, and costs vary widely. Registration processes range …

Realities Of Mexican Civil Society Organizations: Index For The Promotion Of Activities Of Civil Society Organizations, Pablo Armando Gonzalez Ulloa Aguirre

Journal of Nonprofit Innovation

This article presents the findings derived from the construction of an Index that evaluates the state of promotion of Civil Society Organizations (CSOs) across Mexico’s 32 federal entities during the year 2021. It also outlines the criteria considered in building the Index and the results obtained in each of its dimensions. The Index provides a comprehensive and multidimensional perspective on the study of CSO promotion, analyzing legal, institutional, and programmatic dimensions with the aim of comparing progress and setbacks in this area. In doing so, it offers an opportunity to improve certain aspects as more data is generated and made …

Tendiendo Puentes La Teoría Y La Práctica: La Visión Y El Plan De Acción Del Grupo De Afinidad De Investigación Para La Práctica De La Istr, Angie Holzer, Christopher Dayson, Dana Doan, Patricia Quinn, Michele Fugiel Gartner, Tayyeb Hadi, Carissa Van Den Berk-Clark, Ana Maria Sanchez, Farouq Aliyu Muhammad, Romina Farias, Christopher Einolf

Journal of Nonprofit Innovation

Sociedad Internacional para la Investigación del Tercer Sector Grupo de Afinidad de Investigación para la Práctica (ISTR/R4P)

Transparencia, Confianza Y Asociaciones: Fortaleciendo La Colaboración A Través De Datos Y Rendición De Cuentas, Sujeeth Reddy Sithagari, Angie Holzer

Journal of Nonprofit Innovation

Este artículo explora cómo la transparencia influye en la confianza y fortalece las asociaciones dentro de organizaciones sin fines de lucro y de desarrollo internacional. A partir de una revisión bibliográfica estructurada de artículos revisados por pares, tesis e iniciativas globales, como la Iniciativa Internacional para la Transparencia de la Ayuda (International Aid Transparency Initiative, IATI), este artículo destaca el papel fundamental de la comunicación transparente en la creación de confianza de las partes interesadas. Los resultados indican que, si bien muchas ONG recopilan datos sobre su desempeño y sus finanzas, pocas los utilizan de manera sistemática para elaborar informes …

Nonprofit Spotlight: Rising Violet, Angie Holzer, Tiffany Sowby

Journal of Nonprofit Innovation

No abstract provided.

How Civil Society Organizations Build Resilience In The Face Of Financial And Political Pressures: Lessons From Czechia, Hungary, And Bulgaria, Merrill Sovner

Journal of Nonprofit Innovation

How are some civil society organizations (CSOs) able to pivot and innovate in the face of political hostility and funding withdrawal, while others shrink or become inactive? It posits that it’s not just the external environment, funding, or degree of political pressure, but attributes intrinsic to each CSO that narrows the range of possible responses. It is based on sample of CSOs in Czechia, Hungary and Bulgaria that faced political pressures and funding withdrawal between 2010 and 2019. CSOs responded in three ways: reduced staff and expenditures, replaced lost funding while operating in a similar way, or reframed their work, …

Transparency, Trust, And Partnerships: Strengthening Nonprofit Collaboration Through Data And Accountability (Hindi Version), Sujeeth Reddy Sithagari, Angie Holzer

Journal of Nonprofit Innovation

I

Cultural Dynamics And Reverse Culture Shock: A Strategy For Building Sustainable Human Resources In International Ngos, Haruka Minemura, Yuko Nishide

Journal of Nonprofit Innovation

This study explores the dynamics of cultural conflict between expatriate and local staff in international NGOs (INGOs) and proposes a framework for sustainable human resource management. While existing INGO management literature emphasizes cultural factors in expatriate-local relations, limited empirical evidence explains the developmental process of these relationships and their implications. Through qualitative case study methodology, this research addresses the question: How do cultural conflicts between expatriates and local staff evolve within INGOs, and what management strategies emerge from these dynamics?

The findings reveal a dual-phase conflict management model where both expatriates and local staff experience sequential cultural tensions. The first …

Bridging Research And Practice: Advancing Pracademic And Applied Research In The Social Sector, Emma Indart, Emilyn Watkins

Journal of Nonprofit Innovation

For many nonprofits around the world, accessing relevant research, data, and strategies to drive change can be a barrier to success. This gap between nonprofit practitioners and researchers is compounded by the high cost of academic articles, the limited availability of non-English publications, and the lack of practical tools to translate research into actionable strategies.

This paper examines the intersection of research for practice, applied research, and “pracademic” scholarship, highlighting how these approaches can expand the capacity of nonprofit professionals to create meaningful change in their communities. Furthermore, bridging the divide between research and practice has the potential to help …