Business Commons^™

Jump Risk And Cross Section Of Stock Returns: Evidence From China's Stock Market, Haigang Zhou, John Qi Zhu

Business Faculty Publications

Various studies have confirmed the existence of jumps in different financial markets. However, there is sparse theoretical or empirical effort to examine the dynamic relation between jump risk and cross-sectional expected stock returns. We follow a stylized SDF-based diffusion-jump model to examine its testable implications about the relation between cross-section expected excess returns and variations in jump intensities across stocks. The zero-cost portfolio, exploiting the return spreads between the top and bottom decile portfolios formed on jump intensity, could earn an annualized return as high as 24% with an annualized Sharpe ratio of 1.67. A Fama-MacBeth test shows that stock …

Sport Sovereignty At Bay: The Impact Of Globalization And The Multi-National Sport Enterprise On The Westphalian-Based International Sport Structure, Rick Burton, Matthew Robinson, Emir Turam

Falk College Research Center

The existing framework for international sport is based on the guiding principles of the Peace of Westphalia of 1648. The Peace of Westphalia promoted sovereignty, self-determination, equality between states, and non-intervention of one state in the internal affairs of another state, and it has served as the basis for international relations for several centuries. Vernon observed that “the advanced world, carried ebulliently on the crest of a technological revolution in transportation and communication, has absentmindedly set up a virile system of international institutions and relationships that sit alongside the system of nation-states.” Vernon’s observation captures the essence of the existing …

Performance Modeling Of Distributed Collaboration Services, Toqeer A. Israr, Gregor V. Bochmann

Faculty Research & Creative Activity

This paper deals with performance modeling of distributed applications, service compositions and workflow systems. From the functional perspective, the distributed application is modeled as a collaboration involving several roles, and its behavior is defined in terms of a composition from several sub-collaborations using the standard sequencing operators found in UML Activity Diagrams and similar formalisms. For the performance perspective, each collaboration is characterized by a certain number of independent input events and dependent output events, and the performance of the collaboration is defined by the minimum delays that apply for a given output event in respect to each input event …

Basic Concepts In Forest Valuation And Investment Analysis: Edition 3.0, Steven H. Bullard, Thomas J. Straka

Faculty Publications

This book was originally intended to supplement lectures in forestry economics at the undergraduate level. It’s currently used for that purpose in ‘Forest Resource Economics’ courses at several universities. The book is also intended, however, to serve as a basic reference for foresters with experience in valuation and investment analysis concepts and methods. It has proven to be a valuable resource in forest valuation and investment analysis workshops for practicing foresters, landowners, and others interested in forestry investments.

Farmers, Politics, And Accounting: The History Of Standard Values -- An Accounting Convenience Or Political Arithmetic?, Jill J. Hooks, Ross E. Stewart

Accounting Historians Journal

This paper examines accounting in the social, political, and economic context within which it operates. Specifically, the farming sector in New Zealand provides the context for studying the history of standard-value accounting. This accounting practice emerged with the support of accountants, farmers, and the state as the tax regime in New Zealand slowly moved to an income tax for farmers from 1915. The paper examines how accounting became a practice of political arithmetic, mediating the economic power of the farmers with the rest of the tax base of New Zealand. Standard-value accounting for livestock became a device that represented the …

Toward A Sustainable Marketplace: Expanding Options And Benefits For Consumers, Michael Luchs, Rebecca Walker Naylor, Randall L. Rose, Jesse R. Catlin, Roland Gau, Sommer Kapitan, Jenny Mish, Lucie Ozanne, Marcus Phipps, Bonnie Simpson, Saroja Subrahmanyan, Todd Weaver

Management and Organizational Studies Publications

While popular interest in sustainable consumption continues to grow, there is a persistent gap between consumers’ typically positive explicit attitudes towards sustainability and their actual consumption behaviours. This gap can be explained, in part, by the belief that choosing to consume sustainably is both constraining and reduces individual-level benefits. While the belief that sustainable consumption depends on making trade-offs is true in some contexts, increasingly consumers are finding that more sustainable forms of consumption can provide both an expanded set of options and additional, individual-level benefits. In this essay, we discuss and illustrate an expanded set of options and benefits …

Approches Stratégiques Des Émissions Co2: Les Cas De L’Industrie Cimentière Et De L’Industrie Chimique, Diane-Laure Arjaliès, Goubet Cécile, Jean-Pierre Ponssard

Business Publications

La capacité des entreprises à transformer une contrainte environnementale en source d’opportunité stratégique est un sujet controversé dans la littérature. S’appuyant sur une étude comparative des stratégies de lutte contre les émissions CO2 mises en place par les industries cimentière et chimique, l’article1 démontre que la latitude des entreprises à adopter une approche proactive face au développement durable est fortement contrainte par les caractéristiques du secteur en termes de dépendance vis-à-vis des ressources naturelles, de flexibilité dans la composition du portefeuille d’activités et de structure du secteur aval.

Exploring The Role Of Objects In The Transformation Of Logics: A Practice Perspective, Diane-Laure Arjaliès

Business Publications

This article aims to examine the role of objects in the transformation of logics (Thornton & Ocasio, 2008) at the practice level. In particular, it explores how financial actors use, transform and are constrained by their ‘market devices’ – defined as a range of instruments, models and tools used by financial markets (Callon, Millo, & Muniesa, 2007) – when aiming to (re)design their logics and practices towards more sustainability. It develops a theoretical model based on ever expanding, institutional theory by combining it with practice theories. In particular, the article argues that actors transform their practices, logics and objects, by …

Introduction: Advances In E-Business Engineering, Ling Li

Information Technology & Decision Sciences Faculty Publications

(First paragraph) E-business is more than just e-commerce. It is one of the most challenging areas for industry and research communities. E-business has evolved from business-to-business, business-to-customer, customer-to-business, customer-to-customer, and business-to-government systems to the integrated and collaborative business services among various information systems and e-marketplaces. In this evolving process, integrated e-business systems and their related supporting platforms have to be rapidly designed and developed in order to meet different requirements. A variety of e-business engineering paradigms and technologies have been developed to tackle these challenges. There are many research issues needed to be addressed. These issues include heterogeneous services integration, …

The Digital Age: Nonmetropolitan Nebraskans’ Use Of Technology: 2011 Nebraska Rural Poll Results, Rebecca J. Vogt, Randolph L. Cantrell, Bradley D. Lubben, Connie Reimers-Hild

Nebraska Rural Poll

Most rural Nebraskans use the Internet or email from home. The groups most likely to use the Internet or email from home include: persons living in or near larger communities, residents of the Panhandle region, persons with higher household incomes, younger persons, females, married persons, persons with higher education levels and persons with management, professional or education occupations. The Internet applications used by the majority of rural Nebraskans include: research, looking for health information, purchasing a product, watching a video and social networking.

Most rural Nebraskans have positive opinions about shopping online: that the Internet is the best place to …

Financial Literacy: What Are Business Schools Teaching?, Candy A. Bianco, Susan M. Bosco

Business Faculty Publications

The financial illiteracy of Americans has attracted the attention and funds of more than 10 federal agencies and countless other state agencies and non-profit organizations. The manifestations of poor financial skills and planning are divorce, depression, and many elderly Americans living in poverty.

Hundreds of business and non-business college students have been surveyed. Both groups were found to be financially illiterate. We examined the curricula of 100 AACSB institutions and concluded that business schools are either not offering fundamental courses in personal financial planning or that the courses are not generally available to business students (for credit) or non-business students. …

Decision-Making Uncertainty, Need For Cognitive Closure, And Supply Chain Performance, Yeonyeob Lee

ETD Archive

Most firms must acquire materials or services from their suppliers. They use these materials or services, add value to them, and sell them to others. Supply disruptions, commonly known as the bullwhip effect, have been a major challenge facing supply chain firms. Although previous research of operational or structural causes of supply disruptions or supply disruption risk created by situational factors and buyer perceptions and associated impacts on supply chain performance has been conducted, it has not linked the relationship of decision-making uncertainty and need for cognitive closure (NFCC) with impacts on SCP. This study identifies and enhances the current …

Effectiveness And Efficiency Of Knowledge Transfer In Supplier Development: Key Antecedents And Buyer-Supplier Outcomes, Chanda M. Sichinsambwe

ETD Archive

There is strong evidence that U.S. organizations are increasingly implementing supplier development programs to help their suppliers improve quality, enhance delivery performance, reduce costs, and in turn improve their own supply chain performance. However, many of these supplier development programs are not successful. This study argues that an understanding of the knowledge transfer process should play a central role in understanding improvements in buyer-supplier performance resulting from supplier development activities. Building on the extant supplier development literature and relevant knowledge transfer literature, this study investigates key antecedents and performance outcomes of knowledge transfer in a supplier development context. Specifically, the …

Corporate Reputation And The Commercialization Of Innovation: Does Reputation Match Reality, And Does Innovation Matter?, Avimanyu Datta, Len Jessup, Richard Reed

Business Faculty Publications

We seek to understand which firms excel at innovation and commercialization. In doing so, we first ranked companies that performed well on four measures: spending on R&D Spending (2006), Patenting (cumulative 2006 and 2007) and Commercialization of Innovations (Cumulative for 2007 and 2008). We then compared our rankings with that of Business Week/Boston Consulting Group’s annual ranking of the most innovative companies, which primarily is based on reputation measured as perceptions among sitting CEO’s. Somewhat surprisingly, there is not complete overlap between our more quantitative ranking and the one done by Business Week/BCG, and we highlight the reasons why. Second, …

Nonverbal Emotion Recognition And Performance: Differences Matter Differently, William H. Bommer, Bryan J. Pesta, Susan F. Storrud-Barnes

Business Faculty Publications

PURPOSE: This paper aims to explore and test the relationship between emotion recognition skill and assessment center performance after controlling for both general mental ability (GMA) and conscientiousness. It also seeks to test whether participant sex or race moderated these relationships. DESIGN/METHODOLOGY/APPROACH: Using independent observers as raters, the paper tested 528 business students participating in a managerial assessment center, while they performed four distinct activities of: an in-basket task; a team meeting for an executive hiring decision; a team meeting to discuss customer service initiatives; and an individual speech.FINDINGS: Emotion recognition predicted assessment center performance uniquely over both GMA and …

Characteristics And Causal Factors Of Claims In Michigan Highway Construction Projects, Abel K. Sahlool

Wayne State University Dissertations

The US highway system is the largest road network system in the world. MDOT administers about 9,722 route-miles, (28,000 lane-miles) of roadway networks in Michigan. Every year, hundreds of projects worth millions of dollars are let by the State Transportation Agency (STA).

Majority of these projects are successfully completed within the original scope of work, budget, schedule, and without litigation. However; some projects end up in litigation and disputes costing tax payers a great amount of money and the STA a great amount of resources. The number and cost of these construction claims has been substantially increasing in recent years. …

Essays On Reverse Leveraged Buy-Outs, Mark Richard Gruskin

Wayne State University Dissertations

ABSTRACT

ESSAYS ON REVERSE LEVERAGED BUYOUTS

by

MARK GRUSKIN

August 2011

Advisor: Dr. Sudip Datta

Major: Business Administration (Finance)

Degree: Doctor of Philosophy

This dissertation is the first study to investigate public-to-private reverse leveraged buyouts (RLBOs). The first essay measures changes in profitability, financial structure, operations, and cost structure to detect actions taken during the private period. Results show that approaching the leveraged buyout there is an above industry level of free cash flow and capital expenditures, while growth options are at competitive levels. These factors in the presence of low ownership concentration suggest the existence of overinvestment.

Increased leverage …

2011 Supplement Vol. 2, American Dental Association

ADA Transactions

This item is part of the Supplements subtitle of The ADA Transactions, a serial publication of the annual activities of the ADA House of Delegates (HOD)/Board of Trustees (BOT) made up of three separate subtitles: Annual Reports and Resolutions, Supplements, and the Transactions. Generally, The ADA Transactions are published in multiple volumes throughout the year. The Supplements function like an appendix and are, in more recent editions, numbered separately with page numbers determined by HOD reference committee assignation. Items are described variously as "Supplement #", "Volume #", etc. throughout the series but have been labeled here as Vol. # for …

Build Your Niche Practice With Preparation, Introspection, And Opportunity, John Karaffa

Faculty Publications and Presentations

No abstract provided.

The Fed And The 2007-2009 Financial Crisis: Treating A Virus With Antibiotics? Evidence From The Commercial Paper Market, Mark D. Griffiths, Vladimir Kotomin, Drew B. Winters

Faculty Publications – Finance, Insurance, and Law

The two main explanations for the 2007-2009 financial crisis in the money markets are credit concerns and liquidity issues. These risks are intimately related, especially in the money markets, and either can lead to somewhat similar behavior by market participants. We study the U.S. commercial paper (CP) market to draw insights about the nature of the crisis which resulted in the amount of outstanding CP shrinking from the peak of $2.18 trillion in early August 2007 to $1.27 trillion in early July 2009. However, the CP market is not homogeneous in terms of credit quality, maturities and types of issues …

Imsa360: Winter 2011, Imsa Fund

IMSA Fund Reports

In this issue of IMSA360, which doubles as the IMSA Fund for Advancement of Education’s 2011 annual report, we chronicle a journey none of us wanted but many of us now embrace. The tentacles of our ALS story and attention to “orphan diseases” stretch far and wide, supported by our donors, driven by our students, staff and community partners, and inspired by our Principal and Vice President for Academic Programs Dr. Eric McLaren. His story – our story – calls us to advance the human condition through education, research, advocacy and action. While we cannot dial back the clock and …

A Web Application For Financial Trading Simulation, Li-Chiou Chen, Lixin Tao, Padma Kadiyala

Cornerstone 3 Reports : Interdisciplinary Informatics

No abstract provided.

Application Of Protection Motivation Theory To Study The Factors That Influence Disaster Recovery Planning: An Empirical Investigation, Shalini Wunnava

Doctoral Dissertations

In today's information intensive and networked world, Disaster Recovery Planning (DRP) is a critical and significant activity. However, DRP does not always receive the attention it deserves. Therefore, it is critical to examine the factors that influence the undertaking of disaster recovery planning. A model on disaster recovery planning was developed using the theoretical lens of Protection Motivation Theory (PMT). Drawing from PMT literature and using the information technology disaster recovery planning (ITDRP) construct developed by Shropshire and Kadlec (2009), a research model was developed in which perceived severity, perceived vulnerability, intrinsic rewards, extrinsic rewards, fear, response efficacy, self-efficacy, and …

A Break In The Clouds: Towards A Cloud Definition, Chris Rose

Walden Faculty and Staff Publications

This paper discusses the concept of Cloud Computing to achieve a complete definition of what a Cloud is, using the main characteristics typically associated with this paradigm in the literature. More than 20 definitions have been studied allowing for the extraction of a consensus definition as well as a minimum definition containing the essential characteris- tics. This paper pays much attention to the Grid paradigm, as it is often confused with Cloud technologies. We also de- scribe the relationships and distinctions between the Grid and Cloud approaches.

Annual Report 2010-2011, Houston Academy Of Medicine-Texas Medical Center Library

Annual Reports: 1943 - Present

This file contains the Annual Report for the library from 2010-2011.

A Test Of The Expectations Hypothesis In Very Short-Term International Rates In The Presence Of Preferred Habitat For Liquidity, Vladimir Kotomin

Faculty Publications – Finance, Insurance, and Law

This study incorporates year-end and quarter-end preferences for liquidity and other calendar-time effects into the test of the expectations hypothesis (EH) in the very short-term LIBOR (maturities of one month and shorter) in seven major world currencies. The calendar-time effects are found to alter long-term relations between very short-term rates in these currencies. These effects alone are not responsible for the rejection of the EH in the data, as it is rejected in most of the cases even after appropriate controls are introduced. However, such effects are capable of causing the EH to be rejected and should be controlled for …

Executive Compensation And Idiosyncratic Risk, Hum Nath Panta

Finance and Real Estate Dissertations - Archive

Executive compensation is a very heavily researched area in finance, accounting and management over the last three decades. However, there are several inconclusive issues. One of them is the relationship between idiosyncratic risk and executive compensation. Prior research findings on this issue are inconclusive. In this context, this dissertation analyzes the effects of idiosyncratic risk on executive compensation. This research seeks to discover and document the role of idiosyncratic risk on all top executive compensation, CEO compensation and non-CEO executive compensation. This study will begin with an extensive review of prior studies on executive pay to identify the determinants of …

Framing The Flu, Jennifer Lynn Mcmillen

Marketing Dissertations - Archive

Since Tversky and Kahneman's article on prospect theory in 1979, there have been many articles published on framing with mixed success in finding preference shifts and in which frame subjects are most persuaded. Framing has been a source of much research and debate in extant literature, regarding whether the effect even exists and if it does, what accentuates or mitigates the effects found. Using the flu as the context, this article incorporates sad versus happy moods and emotional versus rational appeals to highlight when the most persuasive frame changes and to provide practitioners a more complete picture on the most …

The Role Of Experiential Learning In Nurturing Management Competenciesin Hospitality And Tourism Management Students: Perceptions From Students, Facultyand Industry Professionals, Kristen Jack

Dissertations

Previous research has revealed that industry professionals and educators in the field of Hospitality and Tourism Management (HTM) agree that classroom theory and experience in the field are essential components of undergraduate HTM education. Yet there is some disagreement on internship hour requirements, and limited data on actual outcomes. This study therefore examines the perceptions of students and industry professionals as to the extent HTM undergraduate students actually develop key management competencies while participating in experiential learning components. In addition, it captures the views of university faculty and hospitality industry professionals who work with these students regarding essential competencies and …

The Opaqueness Of Fair Value Assets And Systematic Risk In The Banking Industry, Jody Wayne Bland

Inquiry: The University of Arkansas Undergraduate Research Journal

Opacity has economy-wide implications. A lack of information, whether from non-disclosure or complexity of business, creates uncertainty that even the most sophisticated of investors must face. In this paper, I analyze the relationship between opacity and the systematic risk of bank holding companies. Specifically, I find that investments in opaque assets required to be reported at fair value significantly affect the levels of financial institutions’ systematic risk. Furthermore, I provide evidence that firm investments in opaque assets contribute to systematic risk to an even greater degree during times of financial crisis.