Business Commons^™

Does Idiosyncratic Volatility Follow A Random-Walk? Evidence From U.S. Stocks, Zihan Cao, Ossama Elhadary

Publications and Research

In asset pricing literature, idiosyncratic volatility (IVOL) measures the firm-specific risk that is not explained by broader market movements. In this study, I investigate whether the idiosyncratic volatility (IVOL) of individual stocks follows a random-walk. Using monthly residuals from the Fama-French three-factor model (Fama & French, 1993), I estimate IVOL for more than 11,000 U.S. stocks, and apply the Augmented Dickey-Fuller test (Said & Dickey, 1984) to determine whether IVOL behaves like a random-walk. While most stocks display random-walk behavior, the proportion varies across industries, with some sectors showing deviations from random-walk behavior. Stocks with different levels of average return …

A Meta-Narrative Of Consumer Journeys In Access-Based Consumption: A Case Of Fashion Rentals, Swapnil Saravade, Mohammad Ali Zolfagharian, Reto Felix, Lorena Garcia Ramon, Jacob Almaguer, Hazel Husne Dadanlar

Marketing Faculty Publications

Purpose – The current research aims to identify a meta-narrative that depicts a big picture of the consumer journey with access-based consumption (ABC). Specifically, this research reveals the points of engagement and disengagement with ABC, as well as the transitions between them.

Design/methodology/approach – A qualitative research methodology is applied wherein online reviews and blogs pertaining to Rent the Runway (RTR), an access-based fashion company that enables consumers to rent designer dresses and accessories, are analyzed. Specifically, individual textual narratives of users’ experiences with RTR are analyzed, and a meta-narrative is identified that depicts an overarching story of the …

Aligning Pay With Purpose: Esg-Linked Compensation And Esg Decoupling, Yasser Eliwa, Ahmed Saleh, Ahmed Hassan Ahmed

All Works

This study investigates the relationship between ESG-linked executive compensation and ESG decoupling and examines the moderating role of CSR committees in this association. Using a global dataset of 36,055 firm-year observations across 40 countries and 32 industries from 2005 to 2023, we find that ESG-linked executive compensation is associated with a significant reduction in ESG decoupling, thereby strengthening the alignment between ESG disclosure and actual practices. The presence of a CSR committee further enhances this effect, with the interaction between ESG-linked compensation and CSR committees leading to a more pronounced reduction in decoupling. Robustness tests using propensity score matching, instrumental …

Latino Or Hispanic-Owned Businesses In The Mountain West, 2017-2022, Anthony Arroyo, Cason Noll, Caitlin J. Saladino, William E. Brown Jr.

Economic Development & Workforce

This fact sheet examines the growth of Latino or Hispanic-owned businesses in the largest metropolitan areas in the Mountain West between 2017 and 2022. The data are derived from the Brookings Institution’s “Charting the surge in Latino or Hispanic-owned businesses in the US” report, which highlights data on Latino or Hispanic-owned businesses in metropolitan and micropolitan areas across all 50 U.S. states and the District of Columbia. This fact sheet focuses on data for the following metropolitan areas in the Mountain West: Phoenix-Mesa-Chandler, AZ; Denver-Aurora-Centennial, CO; Las Vegas-Henderson-North Las Vegas, NV; Albuquerque, NM; and Salt Lake City-Murray, UT.

Relational Realities Of Readiness: What Managers Wish Colleges Knew About Business Communication, Karen Mccullough, Laura N. Miller

Applied Business Faculty Publications

This grounded theory study, informed by Communication Accommodation Theory, explores how frontline managers (n = 11) support early-career employees’ communication development. Findings identify three support strategies—structured scaffolding, adaptive leadership, and onboarding for cultural fit—and suggest colleges emphasize verbal and intercultural communication, applied learning, and professional presence. These insights reframe communication readiness as a relational process shaped by emotion, power, and organizational norms. The study calls for stronger collaboration between higher education and employers.

When Does The Tick Size Help Or Harm Market Quality? Evidence From The Tick Size Pilot, Yashar H. Barardehi, Peter Dixon, Qiyu Liu, Ariel Lohr

Business Faculty Articles and Research

Tick sizes affect market quality through a tradeoff between pricing fidelity and undercutting. The U.S. Tick Size Pilot (TSP), which raised the minimum tick from 1¢ to 5¢, provides a natural experiment to study this tradeoff. We find that the TSP harmed liquidity for stocks with spreads below 10¢ but improved liquidity for stocks with spreads above 15¢. These opposing effects explain the mixed results across prior studies which pool together stocks with very different prevailing spreads. We recommend researchers using the TSP for causal inference should, at minimum, split samples at 10¢-spreads to account for these heterogeneous liquidity effects.

Best College/University: Lindenwood Named A 2025 Stl Headliner, Lindenwood University

Archived Lindenwood Press Releases

No abstract provided.

Organizational Memories Of Extreme Events: Evidence From Us Public Transit Agencies, Mattia Caldarulo, Ignacio Pezo, Elizabeth A. Corley, Shaika L. Islam, Eric W. Welch

Articles

The increasing frequency and severity of extreme weather events require organizations to effectively manage the threats these phenomena pose. To respond to these challenges, public agencies often turn to their organizational memories for guidance. Organizational memories support information processing capacity, facilitate sensemaking, and legitimize and speed up decision-making processes. While memories influence different aspects of organizational life, little is known about their antecedents and the mechanisms behind the retrieval of past events. This study contributes to the broader literature on organizational memory by investigating the elements shaping public agencies’ retrieval of extreme weather events. Integrating weather data from the National …

Cost Of Living For Older Adults (65+) In Mountain West Metropolitan Statistical Areas, 2024, Anirudh Polagani, Annie Vong, Mohit Pande, Olivia K. Cheche, Caitlin J. Saladino, William E. Brown Jr.

Demography

This fact sheet explores 2024 cost of living data for adults over the age of 65 in the largest metropolitan statistical areas (MSAs) across five Mountain West states: Arizona, Colorado, Nevada, New Mexico, and Utah. The data are sourced from the “Elder Index,” a dashboard that focuses on housing, healthcare, food, transportation, and miscellaneous expenses that collectively reflect the monthly expenses for those over the age of 65. This fact sheet focuses on five MSAs in the Mountain West: Phoenix-Mesa-Chandler, AZ; Denver-Aurora-Centennial, CO; Las Vegas-Henderson- North Las Vegas, NV; Albuquerque, NM; and Salt Lake City-Murray, UT.

Ada News - 10/6/2025, American Dental Association, Publishing Division

ADA News

Established in 1970 as the official newspaper of the American Dental Association, the ADA News serves practicing dentists and others allied to the dental profession in the U.S. and internationally. It is the No. 1 source of news and information about the many benefits and services the ADA delivers to members daily as well as timely information on scientific, social, political and economic developments affecting dentistry and health care.

Native American Tribes And Federal Grant Funding In The Mountain West, Fy2023-2025, Isabelle G. Graham, Maisoon Faris, Dre Boyd-Weatherly, Olivia K. Cheche, William E. Brown Jr.

Elections & Governance

This fact sheet presents state-level data on the impact of a federal government-wide funding freeze affecting Native American Tribes, focusing on the Mountain West states of Arizona, Colorado, Nevada, New Mexico, and Utah. The data are derived from the Brookings Institution’s “A federal grant freeze could disrupt over $24 billion to Native American communities and undermine US obligations to Tribes” brief, which reports data from USAspending. The original report provides data on the federal government’s obligations, outlays, and remaining balances owed to Native American Tribes for all 50 U.S. states and the District of Columbia.

The Role Of Employee Relationship Orientation In The Value Co-Creation – Firm Performance Link, Perry L. Parke, Prachi Gala, Pramod Iyer, Stefan Sleep, Mona Sinha

Faculty Scholarship

Purpose – This paper links employees’ relationship orientation, or their sense that the organization respects their contribution, to value co-creation and overall firm performance. It also measures the effects on innovation and knowledge sharing.

Design/methodology/approach – A total of 301 US product and marketing managers participated in a survey. Measurement and structural models were evaluated using partial least squares structural equation modeling.

Findings – Main findings suggest that increased value co-creation (VCC) activity has a significant effect on employee relationship orientation. This study also finds that employee relationship orientation plays a mediating role in the relationship between VCC and firm …

The Cannabis Conundrum: Persistent Negative Alphas And Portfolio Risks, Davinder K. Malhotra, Sheetal Gupta

School of Business Faculty Papers

This study investigates whether publicly listed cannabis shares provide enough risk-adjusted returns to warrant their incorporation into diversified portfolios. An equally weighted portfolio of cannabis companies is constructed using monthly data from January 2015 to December 2024. Risk-adjusted performance is assessed using the Sharpe, Sortino, and Omega ratios and compared to the Russell 3000 Index and the FTSE All-World ex-US Index. In addition, we estimate both unconditional and conditional Fama–French five-factor model enhanced by momentum. The findings indicate that cannabis stocks persistently underperform U.S. and global benchmarks in both absolute and risk-adjusted metrics. Downside risk is elevated because cannabis portfolios …

Interdisciplinary Narratives On Artificial Intelligence & Personnel Selection Systems, John Hunter, Melissa Intindola, Neil Boyd, Thiago Serra Azevedo Silva

Faculty Journal Articles

Artificial intelligence (AI) has quickly and persistently become a daily presence in our lives, and its omnipresence has eclipsed the speed with which scholars can fully assess its efficacy and pitfalls. AI’s ubiquity and the lack of a clear understanding of its implications for humanity has spurred scholars across disciplines to action, and scholars in the field of Human Resource Management (HR) have certainly joined the fray. As scholars with a variety of experience and scholarship across disciplines, we believe that the burgeoning conversation in the HR literature would significantly benefit from a greater presence of interdisciplinary knowledge.

Styled For Success: Lindenwood Students Earn Fashion Scholarships, Lindenwood University

Archived Lindenwood Press Releases

No abstract provided.

2025 Campus Master Plan, Morehead State University. Board Of Regents.

Morehead State Board of Regents Agenda Books and Meeting Minutes

The 2025 Morehead State University Campus Master Plan.

Employee Training Methods On Performance, Retention, And Career Growth In A Multi-Skilled Workforce And The Impact Of Emerging Technologies, Julia Bellis

Research Awards

This research paper examines how different types of employee training like on-the-job training, micro-credentials and formal course can affect performance, retention, and career growth in today’s multi-skilled workforce. Many businesses will invest lots of money into training but struggle to understand whether these programs actually improve employee skills or provide positive return on investment. The literature shows that each training method has strengths and weaknesses and that their effectiveness depends on what industry it is used in, the skills that are required, and the resources that the company has. New technologies like virtual reality and extended reality also are changing …

Human Resources: Knowledge Transfer And Ramp-Up Curves In Onboarding, Sela Reid

Research Awards

This paper defines and discusses the importance of knowledge transfer, onboarding content, mentorships, internships, on-the-job training (OJT), job satisfaction, high employee retention and low employee turnover, and job rotation. A new employee’s first few days at a new job can be frightening, embarrassing, and overwhelming. If a new employee is given a bad impression of the company within their first week, the new hire is left rethinking their job decision; and the company’s reputation is at stake for not fostering a welcoming organizational culture. New employees do not need to feel lost, unprepared, apprehensive, or lonely during their first few …

“Hay Que Darle Para Adelante”: Análisis De Los Impactos De La Infraestructura Migratoria E Inserción Laboral En Las Trayectorias E Imaginarios Futuros De Los Migrantes Senegaleses En Buenos Aires, Allison Gillman

Argentina: Social Movements and Human Rights

La reconfiguración global de las migraciones a partir de los años ‘90 y los inicios del siglo XXI transformaron las trayectorias de los migrantes en los países de la periferia colonial. La nueva necesidad de las personas de África occidental y subsahariana de perseguir nuevos caminos en América Latina —en vez de Europa o Estados Unidos— hizo que los migrantes enfrentaran un nuevo panorama migratorio. Esto se manifestó tanto en las barreras estructurales que canalizan a los migrantes senegaleses hacia la informalidad como en los trayectos y propósitos de la migración. Esta investigación propone analizar cómo los esquemas de informalidad …

Unraveling Equity: The Consequences Of Dismantling Dei Initiatives In Education., James D. Upshaw

2025 Fall Honors Capstones Projects - Archive

Recent political and institutional shifts have led to the dismantling of Diversity, Equity, and Inclusion (DEI) initiatives across schools and universities, raising concerns about how these changes affect both students and the future workforce. This research investigates how the removal of DEI programs influences student belonging, academic access, and long-term workforce diversity. Using a mixed-methods approach, the study combines qualitative interviews with professors and students and quantitative analysis of enrollment, retention, and diversity data from universities affected by DEI policy changes. Preliminary findings suggest that dismantling DEI initiatives leads to decreased student support, reduced faculty morale, and declining representation among …

Do Financial Concerns Make Workers Less Productive?, Dua Khowaja

2025 Fall Honors Capstones Projects - Archive

Financial stress does not just affect people’s finances; it can change the way individuals behave. This project asks whether short-term financial difficulty damages worker performance or if alleviating it improves focus and accuracy. Using data from a field experiment in rural India, this study examine how labor payment timing variability is related to workers' productivity and error rates. The study randomized payment dates across a sample of employees, so that employees paid early can be compared to employees paid on standard or later dates. It investigates whether subsidy of payments relieves stress and enhances task performance by minimizing stress, enhancing …

Fixed Income Fund Report, October 2025, Archway Investment Fund

Archway Investment Fund

No abstract provided.

Equity Fund Monthly Report, October 2025, Archway Investment Fund

Archway Investment Fund

No abstract provided.

The Intersection Of Managing, Leading, And Coaching: A New Discipline For Management Education, Maureen L. Mackenzie-Ruppel Ph.D., Phr, Capm, Icf-Pcc

Business: Faculty Presentations

Faculty must ensure that management education remains cutting edge and relevant to the needs of organizational leaders and to students’ academic and professional goals. This paper reports on a multi-phase research agenda that included in-depth interviews with the primary stakeholders of business education: (1) senior leaders/employers, (2) business faculty, and (3) MBA graduates who are now working professionals. The results report on potential benefits of integrating coaching skills, theories, and knowledge into management education.

Venture Idea Memo Assignment, Ouafaa Hmaddi

Open Educational Resources

No abstract provided.

From Claims To Commitments: Does Corporate Governance Help Firms Walk Their Talk?, Wafaa Salah, Nel Frederick George, Hussain Nazim

Business Administration

Purpose – This study investigates how corporate governance (CG) influences the alignment between firms’ environmental performance and their environmental disclosure practices. Drawing on the concept of policy– practice decoupling, the study examines whether CG mechanisms enhance the credibility and consistency of environmental reporting. Design/methodology/approach – Using a panel dataset of 80 Johannesburg Stock Exchange-listed firms covering the period 2012 to 2023, the study employs panel-corrected standard error regressions and various robustness tests. Corporate carbon performance (CCP) is used as a proxy for environmental commitment, and environmental disclosure level (EDL) captures the extent of implementation. Findings – The results show a …

Issue 9, Why I Chose Bryant, Shantell J. Dorley

Thrive

No abstract provided.

Estabilización Estructural Y Desigualdad Financiera: La Proliferación Del Crédito Al Consumo Y La Bancarización Estratificada En El Área Metropolitana De Buenos Aires Entre 1983 Y 2001, Elias Mceaneney

Argentina: Social Movements and Human Rights

This study analyzes how the neoliberal reforms implemented in Argentina between 1983 and 2001 transformed household access to credit and reconfigured financial inequality in the Metropolitan Region of Buenos Aires. Through a mixed-methods strategy that combines long-run quantitative analysis of macroeconomic, labor, and economic indicators with a qualitative reconstruction of institutional and sociopolitical change, the research demonstrates that the stabilization achieved under the Convertibility Plan enabled a rapid expansion of the banking system and consumer credit. However, this growth did not generate broad financial inclusion; access to accounts, loans, and credit cards remained strongly conditioned by labor formality, income level, …

Because I Care: The Effect Of Value Congruence And Compensation Scheme On Target Setting In Social Mission Organizations, Wioleta Olczak, Tyler F. Thomas, Dimitri Yatsenko

Accounting Faculty Research and Publications

Many organizations, including for-profit firms, seek to support a social mission. This study experimentally examines how superiors' value congruence and compensation scheme affect superiors' target-setting decisions in social mission organizations. We predict and find that more value-congruent superiors set higher targets for their subordinates than less value-congruent superiors to motivate

their subordinates to advance the organization's social mission. We also find that superiors set higher targets for their subordinates when compensated with performance-based pay rather than a fixed wage. We highlight the importance of superiors' value congruence with the organization's social initiatives and compensation scheme on their target-setting decisions. Organizations …

Would An Earlier Inception Of Omt By The Ecb Have Prevented The 2012 Greek Default?, Nicolas Mäder

School of Business: Faculty Scholarship

No abstract provided.