Business Commons^™

Do Analysts Understand The Economic And Reporting Complexities Of Derivatives?, Hye Sun Chang, Michael Donohoe, Theodore Sougiannis

Research Collection School Of Accountancy

We investigate whether and how the complexity of derivatives influences analysts earnings forecast properties. Using a difference-in-differences design, we find that, relative to a matched control sample of non-users, analysts earnings forecasts for new derivatives users are less accurate and more dispersed after derivatives initiation. These results do not appear to be driven by the economic complexity of derivatives, but rather the financial reporting of such economic complexity. Overall, despite their financial expertise, analysts routinely misjudge the earnings implications of firms derivatives activity. However, we find evidence that a series of derivatives accounting standards has helped analysts improve their forecasts …

Risk Management In A Vuca Environment: Some Key Considerations, Foo S.L., Nam Sang Cheng, Nam Sang Cheng

Research Collection School Of Accountancy

Whatis VUCA? Why is it relevant to accountants, the C-suites and Board ofDirectors? Companies are in the business of taking risks for rewards. Situatedbetween the companies are in the business of taking risks for rewards. Situatedbetween the companies and the rewards are risks. Critical concepts in thisprocess are volatility, uncertainty, complexity, and ambiguity (VUCA), a trendymanagerial acronym that conflates the reality of the business environment and the challenges ofrisk management.

Benchmarking And Currency Risk, Massimo Massa, Yanbo Wang, Hong Zhang

Research Collection Lee Kong Chian School Of Business

We show that the currency risk embedded in the benchmarks of international mutual funds negatively affects fund performance. More specifically, a high benchmark-implied currency risk induces funds to invest in markets with less volatile currencies, leading to a higher degree of currency concentration in portfolio holdings. This currency concentration, however, departs from the optimal equity allocation strategy across countries and reduces fund performance. We document that funds resorting to high currency concentrations underperform funds with low currency concentrations by as much as 1%-2% per year.

Has Local Informational Advantage Disappeared?, Gennaro Bernile, Alok Kumar, Johan Sulaeman, Qin (Emma) Wang

Research Collection Lee Kong Chian School Of Business

This study examines how changes in the information environment affect the informational advantage of geographically proximate agents. We find that the long-term advantage of local agents disappeared at the turn of the millennium. This is accompanied by the reduction in local bias of institutional investors and equity analysts. However, institutional investors continue to trade local stocks disproportionately more often than nonlocal stocks; moreover, their local trades outperform nonlocal trades in the short term -- even for large and liquid stocks. Our results are consistent with improvements in the information environment shortening the horizon of geographic proximity-based informational advantage.

The Effects Of Within-Country Linguistic And Religious Diversity On Foreign Acquisitions, Douglas Dow, Ilya Cuypers, Gokhan Ertug

Research Collection Lee Kong Chian School Of Business

This article explores how within-country diversity of both language and religion influences the ownership structure of foreign acquisitions. Commentators have acknowledged the potential importance of “within-country diversity,” but to date this issue has received minimal empirical attention. We propose that diversity plays two distinct roles. Namely, diversity within the host country may be an additional source of behavioral uncertainty and information asymmetry, over and above the effects arising from cross-national differences. Moreover, diversity within the home country may increase the cognitive complexity of the decision makers, moderating the firm’s response to the distance and diversity of the host country. Results …

Can S'Pore Be An Icon For Service Productivity?, Arnoud De Meyer

Research Collection Lee Kong Chian School Of Business

The traditional analysis tools or flexible work design deployed in manufacturing may be insufficient in giving a boost to services. For all practical purposes, there are only two ways to create more value per worker and stimulate growth, we need innovation or become more productive.

Corporate Social Responsibility: An Overview And New Research Directions: Thematic Issue On Corporate Social Responsibility [From The Editors], Heli Wang, Li Tong, Rikki Takeuchi, Gerard George

Research Collection Lee Kong Chian School Of Business

The idea of corporate social responsibility (CSR)—that is, businesses bearing a responsibility to society and a broader set of stakeholders beyond its shareholders—gained currency in the 1960s. Since then, attention on CSR has been growing in both academic and practitioner communities around the world. While there have been criticisms and debates on whether it was appropriate for corporations to expand their remit beyond shareholder value, an increasing majority of corporations have proactively committed to addressing larger societal challenges. With a variety of options for corporate engagement in mainstream society and local communities, corporations have created dedicated organizational units to effectively …

The Benefits Of Bad Economies: Business Cycles And Time-Based Work-Life Conflict, Christopher M. Barnes, Alexandru Lefter, Devasheesh P. Bhave, David Turley Wagner

Research Collection Lee Kong Chian School Of Business

Recent management research has indicated the importance of family, sleep, and recreation as nonwork activities of employees. Drawing from entrainment theory, we develop an expanded model of work-life conflict to contend that macrolevel business cycles influence the amount of time employees spend on both work and nonwork activities. Focusing solely on working adults, we test this model in a large nationally representative dataset from the Bureau of Labor Statistics that spans an 8-year period, which includes the “Great Recession” from 2007 through 2009. We find that during economic booms, employees work more and therefore spend less time with family, sleeping, …

Promote Interculturalism, Leadership Communication, And Professionalism In Your Students: Success With A Corporate Communication Certificate, Lana W. Carnes, Marcel Robles, Faridah Awang

International Journal for Business Education

Business educators share a common interest in encouraging their students to improve intercultural, leadership communication, and professionalism skills to enable and promote increased fulfilment, character development, and advancement toward graduation, in addition to improving student employability after graduation. While career success depends on the standards and knowledge of character and behavioral traits, much more than on technical knowledge, these attributes define the qualities desired across various professions (Barnhart, 2013) in these three areas. For example, Holmes (2015) found that the values and communication rules of discourse systems may be different from that which is expected in the international workplace.
A …

Center For Real Estate Quarterly, Volume 10, Number 2, Portland State University. Center For Real Estate

Center for Real Estate Quarterly

Table of Contents:
-- Portland's Seismic Retrofit Project by Walt McMonies (p. 5-13)
-- The State of the Economy by Adam Seidman (p. 14-25)
-- Residential Market Analysis by Alex Joyce (p. 26-50)
-- Multifamily Market Analysis by Marc Strabic (p. 51-63)
-- Office Market Analysis by Alec Lawrence (p. 64-73)
-- Industrial Market Analysis by Adam Seidman (p. 74-81)
-- Retail Market Analysis by Alec Lawrence (p. 82-89)

Clawback Provisions In Real Estate Investment Trusts, George D. Cashman, David M. Harrison, Christine A. Panasian

Finance Faculty Research and Publications

Using a sample of 195 unique real estate investment trusts (REITs), we examine factors related to the adoption of clawback provisions within managerial compensation contracts. In general, we find strong and consistent empirical evidence that clawback provision are directly related to firm size, complexity, leverage, growth options, monitoring incentives, and CEO performance incentives. We also find that clawbacks are associated with enhanced market and accounting performance, with stronger performance relations observed for adoption decisions tied directly to regulatory mandates. In sum, we conclude compensation clawback provisions represent a value-relevant, strategic governance mechanism for REITs.

Solving The Puzzle Of Corporate Governance Of State-Owned Enterprises: The Path Of Temasek Model In Singapore And Lessons For China, Christopher C. H. Chen

Research Collection Yong Pung How School Of Law

The purpose of this Article is to examine the corporate governance of state-owned enterprises (SOEs) in the Asian context by empirically surveying the influence of Temasek Holdings, Singapore’s sovereign wealth fund, on its portfolio of government-linked companies in Singapore. Overall, the Temasek model seems to be a promising one. This Article shows that the top listed government-linked companies in which Temasek has a stake have greater board independence than the other top listed companies in Singapore. This illustrates that a high quality of corporate governance could be aligned with public interests associated with SOEs. While this research offers hope for …

The Erosion Of Autonomy In Online Consumer Transactions, Eliza Mik

Research Collection Yong Pung How School Of Law

Online businesses influence consumer behaviour by means of a wide range of technologies that determine what information is displayed as well as how and when it is displayed. This creates an unprecedented power imbalance between the transacting parties, raising questions not only about the permissible levels of procedural exploitation in contract law, together with the adequacy of existing consumer protections but also about the impact of technology on consumer autonomy. There is, however, no single technology that threatens the latter. It is the combined, mutually-enforcing effect of multiple technologies that influence consumer choices at different stages in the transacting process, …

Corporate Reputation In Asia, Chong, Mark

Research Collection Lee Kong Chian School Of Business

It is convenient but misleading to think of Asia as a monolithic entity. Indeed, the historical, cultural, political, economic, and religious differences between Asian nations—even those within a single economic bloc, such as ASEAN (Association of Southeast Asian Nations)—are significant. Nonetheless, there are several characteristics that define corporate reputation in Asia. This entry discusses the importance of corporate reputation in Asia, challenges for multinational companies operating in Asia, challenges for Asian companies in maintaining a good reputation, and effects of a good corporate reputation on companies in the region.

Bringing Africa In: Promising Directions For Management Research, Gerard George, Christopher Corbishley, Jane N. O. Khayesi, Martine R. Haas, Laszlo Tihanyi

Research Collection Lee Kong Chian School Of Business

Africa is beginning to capture the imagination of entrepreneurs, corporate executives, and scholars as an emerging market of new growth opportunities. Over 15 years, the continent has experienced an average growth rate of 5% (World Economic Forum, 2015: v). Out of its 54 countries, 26 have achieved middle-income status, while the proportion of those living in extreme poverty has fallen from 51% in 2005 to 42% in 2014 (African Development Bank, 2014a: 49). Although there are regional differences, the primary drivers of growth have been rapidly emerging consumer markets, regional economic integration, investment in infrastructure, technological leap-frogging, and the opening …

How Do We Adopt Multiple Cultural Identities? A Multidimensional Operationalization Of The Sources Of Culture, Badri Zolfaghari, Guido Mollering, Timothy Adrian Robert Clark, Graham Dietz

Research Collection Lee Kong Chian School Of Business

Given the shortcomings of unidimensional accounts of culture that are based on nationality, this paper builds on and steps beyond current multidimensional conceptualizations of culture in order to provide first empirical evidence for a multidimensional operationalization of culture. It shows the multiple and simultaneous sources of cultural values (i.e., Family, Nationality, Urban/Rural Background, etc.) that individuals draw from in order to behave in accordance with their social setting. This contributes to our understanding of how and when individuals adopt multiple cultural identities. As the first attempt to operationalize the 'mosaic' framework of culture proposed by Chao and Moon (2005), this …

Ad Revenue Optimization In Live Broadcasting, Dana G. Popescu, Pascale Crama

Research Collection Lee Kong Chian School Of Business

In live broadcasting, the break lengths available for commercials are not always fixed and known in advance (e.g., strategic and injury time-outs are of variable duration in live sports transmissions). Broadcasters actively manage their advertising revenue by jointly optimizing sales and scheduling policies. We characterize the optimal dynamic schedule in a simplified setting that incorporates stochastic break durations and advertisement lengths of 15 and 30 seconds. The optimal policy is a "greedy" look-ahead rule that accounts for the remaining number of breaks; in this setting, there is no value to perfect information at the scheduling stage, and hence knowing the …

Sand States And The Us Housing Crisis, Hyunsoo Choi, Harrison G. Hong, Jeffrey D. Kubik, Jeffrey P. Thompson

Research Collection Lee Kong Chian School Of Business

The excesses of the historic US housing cycle of the 2000s were concentrated in the Metropolitan Statistical Areas (MSAs) of Arizona, California, Florida and Nevada. Even controlling for leading explanations of this housing cycle, these Sand State MSAs had more than double the mortgage originations, defaults and price fluctuations than other MSAs. We show that these excesses can be explained by Sand State MSAs having an abnormally low supply of publicly traded firms headquartered there relative to total income. Households in these MSAs are more likely to purchase investment homes nearby rather than stocks, amplifying the housing cycle there.

Prooncavi's Case For Support, Prooncavi

Fundraising and Marketing

ProOncavi is the leading cancer prevention and early detection organization in all of Baja California. This is their case for support.

2016 Food, Friends, And Health: An Evaluation Of North County Senior Connections Thyme Together Food Truck Lunch Program, Michelle Ahearne, Azadeh Davari, Tessa Tinkler, Mary Jo Schumann

Seniors

The North County Senior Connections Thyme Together Food Truck Lunch Program (subsequently referred to as NCSC) is a collaborative project initiated in November 2014 that provides affordable, nutritious lunches, recreational programming, and community information to seniors in the northern region of San Diego County (North County).

In May 2015, six months after NCSC launched, the Rancho Santa Fe Foundation commissioned the University of San Diego’s Caster Family Center for Nonprofit and Philanthropic Research (Caster Center) to: 1) evaluate NCSC’s progress towards meeting its objectives, and 2) provide feedback and recommendations for programmatic changes as necessary. This report presents the findings …

Entrepreneurship, Education And Credit: The Golden Triangle, Roberto M. Samaniego, Juliana Yu Sun

Research Collection School Of Economics

We develop a model to evaluate the impact of college education finance on welfare, inequality and aggregate outcomes. Our model captures the stylized fact that entrepreneurs with college are more common and more profitable. Our calibration to US data suggests this is mainly because higher labor earnings allow college educated agents to ameliorate credit constraints when they become entrepreneurs. The welfare benefits of subsidizing education are greater than those of eliminating financing constraints on education because subsidies ameliorate the impact of financing constraints on would-be entrepreneurs.

Encouraging Entrepreneurship: Resources Supporting Small Business Startup And Growth, Karen A. Eagle

STEMPS Theses & Dissertations

Small business success drives the health of a local economy. The problem of this three phase mixed methods study was to encourage entrepreneurship by identifying the resources that support business startup and growth. In the first qualitative phase, the city business resource webpage was observed and 10 entrepreneurs were interviewed to identify which business resources were used for their recent startups. Using the data from the interviews, a survey instrument was developed for the Small Business Subcommittee (SBS) that was used in the second quantitative phase which included 351 business owners; 35% were women and 65% were men. The sample …

Buying Love Through Social Media: How Different Types Of Incentives Impact Consumers’ Online Sharing Behavior, Yueming Zou

Marketing Theses & Dissertations

A key issue in social media marketing is insufficient consumer participation and engagement. Oftentimes companies have to devise tactics to encourage more social sharing of brand messages, such as through the use of incentives and rewards. Previous research has investigated incentive effects under the traditional offline context, which addresses mostly economic exchanges and fails to consider the social dynamics of the social media environment. Addressing this gap, this research aims to answer the following research question: how can companies target different consumers with different incentives to maximize consumer sharing through social media? Specifically, the present research proposes three factors that …

Two Essays On Short Selling, Zhaobo Zhu

Finance Theses & Dissertations

This dissertation provides some new evidence that the information contained in short selling is informative about future returns, confirming the role of short sellers in the price discovery process.

The first essay examines the cross-sectional relation between the change in short interest and expected stock returns. NYSE/AMEX stocks with large decreases (increases) in short interest over past medium-term horizon experience significant and positive (negative) abnormal returns. Moreover, the positive abnormal returns are larger in absolute value and are more persistent than negative abnormal returns. The return spread between bottom and top deciles is economically and statistically significant and persistent. The …

Celebrities’ Expansive “Right Of Publicity” Infringes Upon Advertisers’ First Amendment Rights, Jon Siderits

The University of Cincinnati Intellectual Property and Computer Law Journal

No abstract provided.

Nacogdoches Senior Center Marketing Research, Emily Poris, Josh Sholders, Marisa Salazar

Undergraduate Research Conference

No abstract provided.

Women In The Workforce, Courtney Beatty, Carol Wright

Undergraduate Research Conference

No abstract provided.

Be Well: Biss Enterprises Wellness And Fitness Program, Juanita Reyes, Rebecca Rhame, Lane O'Brien, Judith L. Biss

Undergraduate Research Conference

BE Well is a Wellness and Fitness program designed to be implemented in a fictitious company for the Administrative Communication course at Stephen F. Austin State University.

A team of three employees from the organization, Biss Enterprises, was asked to develop the program by the CEO of the company. The team researched and explored different options to create a wellness and fitness program suitable for all the employees in the company.

Grove, James Davoli, Jeremy Pounds, Andrew Krenek

Undergraduate Research Conference

Our goal was to find out what image the current residents have of the Grove Apartments in Nacogdoches, Texas.

Support Of Campus Carry At Stephen F. Austin State University, Ashlyn Reece, Ryan Phelps

Undergraduate Research Conference

No abstract provided.