Business Commons^™

Comovements Between Heavily Shorted Stocks During A Market Squeeze: Lessons From The Gamestop Trading Frenzy, Zaghum Umar, Imran Yousaf, Adam Zaremba

All Works

We examine the comovements between stock prices of different heavily shorted companies during a short-squeeze incident. Using the recent GameStop trading frenzy as a case study, we employ wavelet coherence analyses to determine its link with other frequently shorted stocks. We demonstrate a robust positive association between GameStop prices and the performance of high short interest indices. The bubble behavior driven by retail investor herding transmits between different stocks, even from unrelated sectors. Consequently, a single short-squeeze incident may build up into a potentially broader systemic risk, casting doubt on market integrity and stability.

Impacts Of Chronic Diseases On Gender, Race, And Ethnicity., Mansi Gandi, Naga Sai Sandeep Chowdary Guntupalli, Srinithya Varma Kakarlapudi

School of Professional Studies

Impacts of Chronic diseases on gender, race, and ethnicity.

Analytics For Hospital Resource Planning: Two Case Studies, Jingui Xie, Weifen Zhuang, Marcus Ang, Mabel C. Chou, Li Luo, David D. Yao

Research Collection Lee Kong Chian School Of Business

Using real data and process flows from two large hospitals (in Singapore and in Chengdu, China) as cases, we illustrate how to apply certain modeling and optimization techniques, along with simulation as a validation tool, to hospital resource planning problems. We demonstrate how these simple analytical tools can help achieve significant improvements in both patient service and resource utilization, and without the need to increase the overall level of existing capacities. Two resource planning problems are studied in detail, one concerns the re-balancing of bed capacities among various wards, and the other addresses the allocation of medical diagnostic resource among …

Central Counterparty Exposure In Stressed Markets, Wenqian Huang, Albert J. Menkveld, Shihao Yu

Research Collection Lee Kong Chian School Of Business

Time is valuable, particularly in stressed markets. Because central counterparties (CCPs) have become systemically important, we need to understand the dynamics of their exposure toward clearing members at high frequencies. We track such exposure and decompose it, yielding the following insights. The composition of CCP exposure is fundamentally different in the tails. At extreme levels or during rapid increases, there is elevated crowding. This is the result of clearing members all concentrating their positions on a single security or a particular portfolio, which is desirable if motivated by hedging but worrying if due to speculation.

Comparison Of Airline Co-Branded Credit Card Programs Via Frequent Flyer Money Saver Analysis For Full-Service U.S. Carriers, Bora Suavi Unsal

Doctoral Dissertations and Master's Theses

Although airline alliances work fairly effectively for paid flight segments, passengers who want to redeem frequent flyer miles often encounter difficulties. Sometimes airlines demand an extensive amount of air miles to book requests for award seats to not only their partner airline customers but also their own customers. Furthermore, while the airline co-branded credit card award mile earnings and redemption rates fluctuate significantly between different airlines, passengers are not well informed about which airline co-branded credit card requires the minimum amount of credit card expenditure to fly with an award ticket to their desired travel destination.

A more useful and …

Foreign Direct Investment In Gcc Countries: The Essential Influence Of Governance And The Adoption Of Ifrs, Costas Siriopoulos, Athanasios Tsagkanos, Argyro Svingou, Evangelos Daskalopoulos

All Works

This paper presents an analysis of the factors affecting foreign direct investments, focusing on governance quality and adoption of International Financial Reporting Standards on countries of the Gulf Cooperation Council, which are a special case of study due to their idiosyncratic characteristics, rich natural resources and geographical position. Panel data analysis was conducted, implementing three different models (Fixed Effect, Random Effect, and Arellano Bond Dynamic Model). The results show that the adoption of International Financial Reporting Standards is a strong determinant that promotes foreign direct investments. As regards the governance quality, the block of Gulf Cooperation Council countries has fulfilled …

Using Excel To Teach Simulation For Management Accounting, Clarence Goh, Poh Sun Seow, Gary Pan

Research Collection School Of Accountancy

In this article, we introduce an Excel exercise on simulation that can be implemented in a management accounting class. Specifically, we introduce a three phase implementation process where instructors (i) give the class an introduction to simulation, (ii) introduce students to a four-step process used in conducting analysis using simulation in Excel, and (iii) introduce a simulation problem focused on a specific area of management accounting (revenue projection) and guide students in completing the simulation analysis in Excel. By highlighting how simulation models can be built using Excel and used to solve a management accounting problem, our article identifies an …

Speed Acquisition, Shiyang Huang, Bart Zhou Yueshen

Research Collection Lee Kong Chian School Of Business

Speed is a salient feature of modern financial markets. This paper studies investors' speed acquisition together with their information acquisition. Speed heterogeneity arises in equilibrium, fragmenting the information aggregation process with a nonmonotone impact on price informativeness. Various competition effects drive speed and information to be either substitutes or complements. The model cautions the possible dysfunction of price discovery: An improving information technology might complement speed acquisition, which shifts the concentration of price discovery over time, possibly hurting price informativeness. Novel predictions are discussed regarding investor composition and their investment performance.

Hedge Funds And Their Prime Broker Analysts, Sung Gon Chung, Manoj Kulchania, Melvyn Teo

Research Collection Lee Kong Chian School Of Business

Are sell-side analysts reluctant to go against the investment views of their hedge funds when these hedge funds are their prime brokerage clients? We show that prime broker analysts tend to upgrade stocks recently bought by their clients. For stocks with upgraded recommendations, post-announcement cumulative abnormal returns are significantly lower for those purchased by the prime brokerage clients. Our results are stronger with high-dollar-turnover clients who generate more trading commissions. We also find that a hedge fund with a large bet on a stock has a stronger incentive to pressure the fund’s prime brokers to issue a favorable recommendation on …

Divide And Conquer: A Hygienic, Efficient, And Reliable Assembly-Line For Housekeeping, Xiao Alison Chen, Rowan Wang, Jianghua Zhang

Research Collection Lee Kong Chian School Of Business

Problem definition: This work focuses on the hotel housekeeping process. In a field study, a possible channel of disease transmission between consecutive guests in hotel rooms is revealed. In order to prevent the transmission, an innovative assembly-line housekeeping method is developed. Academic/practical relevance: The transmission of infectious diseases during hotel stays (e.g., by touching unclean towels or bed linens) has been reported globally. Under the current COVID-19 pandemic, having contact with saliva or mucus left by an infected person could cause infection. The standard housekeeping process used by the majority of hotels leaves a channel for new towels and bed …

Do Animated Line Graphs Increase Risk Inferences?, Junghan Kim, Arun Lakshmanan

Research Collection Lee Kong Chian School Of Business

This article shows that animated display of time-varying data (e.g., stock or commodity prices) enhances risk judgments. We outline a process whereby animated display enhances the visual salience of transitions in a trajectory (i.e., successive changes in data values), which leads to transitions being utilized more to form cognitive inferences about risk. In turn, this leads to inflated risk judgments. The studies reported in this article provide converging evidence via eye tracking (Study 1), serial mediation analyses (Studies 2 and 3), and experimental manipulations of transition salience (graph type; Study 3) and utilization of transitions (global trend; Study 4 and …

The Gender Effects Of Covid-19 On Equity Analysts, Frank Weikai Li, Baolian Wang

Research Collection Lee Kong Chian School Of Business

We use the COVID-19 pandemic as a natural experiment to study the effects of childcare and household duties on sell-side analysts. The richness of this setting allows us to compare female and male analysts while requiring them to perform the same tasks. We find that female analysts' forecast accuracy declined more than male analysts, especially when schools were closed and among analysts who were more likely to have young children, inexperienced, were likely busier before the pandemic, and lived in southern states. Female analysts also reduced the timeliness of their forecasts and resorted to more heuristic forecasts. The stock market …

Japanese Monetary Policy And Its Impact On Stock Market Implied Volatility During Pleasant And Unpleasant Weather, Marinela Adriana Finta

Research Collection Lee Kong Chian School Of Business

We investigate the effect of Japan's Monetary Policy Meeting releases on the intraday dynamics of the Nikkei Stock Average Volatility Index and its futures during pleasant and unpleasant weather. We show that at the time of a monetary policy release when the temperature is pleasant, there is a significant decline in Japanese equities' implied volatility and futures, which lasts for about 10 min and 5 min, respectively. This decline is longer and exhibits a greater variation when releases occur during cold days. Finally, we emphasize the achievable economic profits and losses, given the reaction of Nikkei VI futures to the …

Front Matter

The Foundation Review

No abstract provided.

Executive Summaries

The Foundation Review

No abstract provided.

Editorial, Teresa R. Behrens

The Foundation Review

No abstract provided.

(In)Equality Through Unrestricted Grantmaking: Examining Trust And Power In The Collaboration Between The Dutch Charity Lotteries And Their Grantees, Olivier Hunnik, Arjen De Wit, Pamala Wiepking

The Foundation Review

Since 1989, the Dutch Charity Lotteries have provided multiyear unrestricted funding, a type of grantmaking that is fairly unique for the Netherlands, to a wide range of nonprofits at home and abroad. This article shares insights into how unrestricted grantmaking influences the relationship between funders and grantees, specifically highlighting how staff at a sample of grantee organizations experience collaboration with this large social enterprise. It discusses hidden and invisible power dynamics that exist in the relationship, even when there are few formal restrictions on grantees’ spending.

Grantee representatives interviewed for this study stated that openness and honesty in communication with …

Shifting Power In Maine: Findings From A Six-Year Community-Based Health Initiative, Susan Foster, Teresa Doksum, Charles Dwyer

The Foundation Review

Between 2013 and 2019, a Maine Health Access Foundation community-based initiative provided place-based funding to communities to address system gaps and inefficiencies that impede the ability of Maine’s most vulnerable individuals to obtain essential services and supports. To rebalance power between the funder and grantees, the foundation introduced grantmaking practices such as long-term, flexible funding and new ways of relating to and supporting grantees. The theory of change guiding the initiative was that systems change is more effective and sustainable when communities develop cross-sector partnerships and engage community members in planning. The foundation guided the evaluation team to conduct a …

Walking The Talk In Participatory Philanthropy, Megan Meyer, Emily Smith Goering, Karen Hopkins, Cheryl Hyde, Nicole Mattocks, Jonalyn Denlinger

The Foundation Review

The philanthropic sector has been called on to increase community engagement and beneficiary voice in funding decisions — in other words, to democratize philanthropy — and foundations have responded with a variety of innovative grantmaking models. One of those, participatory grantmaking, comprises practices that range from soliciting feedback from constituents to encouraging their active participation in or control over grantmaking decisions, program implementation, and outcome evaluation. Little research, however, has examined the perceptions of foundation or community stakeholders involved in participatory grantmaking initiatives.

This article examines the participatory grantmaking process of a Baltimore, Maryland, community foundation that invested $1.5 million …

Strategy Resilience: Getting Wise About Philanthropic Strategy In A Post-Pandemic World, Jewlya Lynn, Clare Nolan, Peter Waring

The Foundation Review

Public and private systems worldwide have been disrupted by COVID-19, cutting across all types of philanthropic priorities. Amid this uncertainty, some philanthropic strategies have struggled to find their footing while others have adapted easily, harnessing previously unanticipated opportunities to achieve change. Why have some philanthropic strategies been more successful than others? What wisdom can we draw from this moment that can help us prepare for the future?

During times of crisis, the concept of resilience is frequently applied to nonprofit organizations and their leaders. This article flips the vantage point toward funders, proposing a theory to explain what makes some …

Book Review: Delusional Altruism: Why Philanthropists Fail To Achieve Change And What They Can Do To Transform Giving, Steve Wilson

The Foundation Review

No abstract provided.

Youth And The Juvenile Court System: A Community Foundation’S Commitment To Integrating Voice And Community Expertise, Michael A. Yonas, Jennifer C. Sloan, Anna Hollis, Tiffany Sizemore, Kathi Elliott, Michelle Mcmurray, Jeanne Pearlman

The Foundation Review

The staggeringly disproportionate numbers of youth of color in the juvenile court system in Allegheny County, Pennsylvania, compelled the Pittsburgh Foundation to launch the Youth Voices Juvenile Justice Pilot project. The initiative sought to learn from youth who have firsthand knowledge of the juvenile court system and from those at risk of such an experience in order to inform the foundation’s efforts to improve outcomes for youth.

This article outlines the foundation’s process for engaging youth and stakeholders in a meaningful way to improve its grantmaking and to better support systems change that leads to reducing youth court involvement through …

The Revolution Within: What It Really Takes To Partner With Communities, Courtney Ricci, Nancy Csuti, Mia Ramirez

The Foundation Review

In October 2016, The Foundation Review published an article describing a new vision for grantmaking at The Colorado Trust that shifted power from the foundation to community residents to determine locally relevant issues and solutions for advancing health equity. It discussed major shifts underway at The Trust as it developed its Community Partnerships for Health Equity strategy, which it believed would result in measurable change that was authentically planned, implemented, and led by residents of Colorado communities.

This article describes the initial years of the strategy, which began with a phased approach to sharing power with communities, and how the …

How To Encourage Sustainable Change: A Reflection On How Philanthropy Can Partner With Grantees To Build Organizational Capacity, Allison Dymnicki, Alex Hooker, Rebecca Goldberg

The Foundation Review

In 2014, the S. D. Bechtel, Jr. Foundation embarked on the National Character Initiative to support organizations seeking to advance character development among youth. The initiative sought to promote lasting change by focusing on building grantee capacity that was based largely on grantee priorities.

This article highlights key findings from an evaluation of the foundation’s approach to the initiative by elevating the perspectives of grantees, foundation staff, and field experts who served as consultants. It discusses supports the foundation provided to grantees and three key transformational elements in capacity building: proactive and responsive technical assistance, a culture of learning, and …

Back Matter

The Foundation Review

No abstract provided.

13.2 Full Issue

The Foundation Review

No abstract provided.

Holding Foundations Accountable For Equity Commitments, Tanya Beer, Patricia Patrizi, Julia Coffman

The Foundation Review

In recent years, foundations of all types and sizes have made commitments to advance racial equity and justice. But good intentions can be undermined by the strategic and administrative structures and processes that shape foundation decisions. Social critics have deconstructed and shed light on the ways in which institutional operating procedures reinforce racism and other forms of injustice in police departments, the courts, and health and welfare agencies. So too, foundation practices warrant serious review.

This article examines how foundation strategy, evaluation, grantee reporting, and monitoring processes have allowed foundations to retain their power and sidestep direct accountability to the …

What Do Americans Think About Federal Tax Options To Support Transportation? Results From Year Twelve Of A National Survey, Asha Weinstein Agrawal, Hilary Nixon

Mineta Transportation Institute

This report summarizes the results from the twelfth year of a national public opinion survey asking U.S. adults questions related to their views on federal transportation taxes. A nationally-representative sample of 2,516 respondents completed the online survey from February 5 to 23, 2021.

The questions test public opinions about raising the federal gas tax rate, replacing the federal gas tax with a new mileage fee, and imposing a mileage fee just on commercial travel. In addition to asking directly about support for these tax options, the survey collected data on respondents’ views on the quality of their local transportation system, …

What Drives Sales Of E-Commerce Live Streaming? Evidence From Taobao, Danyang Song, Xi Chen, Zhiling Guo, Xin Gao

Research Collection School Of Computing and Information Systems

Despite the rapid development of live streaming, empirical research on the driving factors of e-commerce live streaming sales, still lags. We empirically address this question by utilizing a large and unique data set from a leading e-commerce platform in the world. Our results show that product characteristics, streamer characteristics and consumer engagement are important factors that drive e-commerce live streaming sales. Interestingly, we find that newer products from small brands with lower prices benefit more from the live streaming sales. Experienced streamers who are tied to a single seller and who have more followers perform better. In addition, real-time comments …

Did Covid Benefit Or Harm Horse Racing Wagering? A Comparison Of Trends, Thomas E. Lambert

Faculty and Staff Scholarship

Different media accounts during the recent Covid-19 pandemic have mentioned an upswing in horse racing gambling thanks to a decline in other forms of wagering at casinos and with sports gambling. This paper examines gambling trends across the US before and during the pandemic for these forms in gambling as well as lotteries. Horse racing wagering did see an increase, but not as dramatically as one would expect.