Business Commons^™

The Relationship Between The Option-Implied Volatility Smile, Stock Returns And Heterogeneous Beliefs, Shu Feng, Yi Zhang, Geoffrey C. Friesen

Department of Finance: Faculty Publications

We study the relationship between stock returns and the implied volatility smile slope of call and put options. Stocks with a steeper put slope earn lower future returns, while stocks with a steeper call slope earn higher future returns. Using dispersion of opinion as a proxy for belief differences, we find that the slope-stock return relation is strongest for stocks with high belief differences. The idiosyncratic component of the put slope fully explains the negative risk-adjusted stock returns. For the call slope, the idiosyncratic component dominates the systematic one, and explains the positive risk-adjusted returns.

Mexico Consensus Economic Forecast, Volume 18, Number 3, Thomas M. Fullerton Jr., Adam G. Walke

Border Region Modeling Project

No abstract provided.

Review Of Bring In The Right-Hander! My Twenty-Two Years In The Major Leagues By Jerry Reuss, Paul Michael Mcinerny

Management Faculty Research and Publications

No abstract provided.

Global Dominance Potential Of Chinese Corporations, Javed A. Ansari

Business Review

Thispaper assesses the corporate strength of Chinese firms in the global market and addresses the question: does China's growing corporate strength indicate a rise in its global influence, or, in other words, what are the prospects for the emergence of capitalism with Chinese characteristics as the new dominant paradigm. It finds that Chinese corporations have significantly improved their global profit share in several sectors during 2007-2013. Many of these corporations are Chinese state-owned enterprises (SOEs) that play a dominant role. Summarizing a recent case study of Chinese SOE strategy in the Zambian copper belt it provides evidence for close interaction …

National Culture And Business Resilience: An Exploratory Study Of Two Chinese Construction Firms Operating In Singapore, Low Sui Pheng, Gao Shang, Teo Wee Kiat Ken

Business Review

The study of national culture focuses on differences in values and beliefs among people of different nationalities. With the increasing globalization of economies around the world, the construction industry is inherently exposed to risk at an unprecedented level. This is particularly true for Chinese construction firms, which are aggressively setting up subsidiaries and branches all around the world as they partake in large-scale complex projects overseas. With the liberal foreign trade policies adopted by China after its reforms, domestic construction firms in China also face immense pressure from the international players that are now able to enter the Chinese construction …

Us Policy Of Technology Transfer To China, Amna Mehmood, Sadaf Farooq

Business Review

Hans Morgenthau defined international politics as the struggle for power among nations. Initially power was understood in terms of security and military supremacy only. But time has proved that military power is only effective when it is supported by a strong economy. Especially in post-Cold War era when the world is transforming from uni-polar to multi-polar world on the basis of competing economic centres, political economy has attained equal importance at par with the international security studies, if not more. One of the most important and sensitive area of international political economy is technology transfer, a life bloodfor modernization of …

Strategic Dimensions Of Organizational Productivity (A Case Study On The Proposed Hrd Directions For Modern Companies), Nadir Ali

Business Review

achievement of the promises mentioned in mission & vision of modern companies. Most strategic minds come from the practices and experiences of corporate dimensions. Dimensions can be learned but cannot result unless experienced in the corporate world. Understanding strategic dimensions of modern age can lead modern companies. This case study will cover all important parameters of organizational productivity with special reference to the proposed strategic HRD directions that are considered as the gist of this case study. The first dimension is HRD Tier that is connecting with leadership in the organization, second is HRD transformation that is the manual workflow …

Supply Chain Performance Measurement For Services: An Operational Level Framework, Asher Ramish, Sarwar M. Asher

Business Review

Purpose

The purpose of the study is to propose a consolidated and comprehensive operational level framework of performance metrics to facilitate the supply chain integration in the service industry. Design/methodology/approach

In order to do so, we rely on a systematic review procedure to delineate and thus integrate the measures into factors. This paper draws upon prior work done on performance measure in supply chain integration.

Findings

These measures will then be assigned by incorporating industrial practice to various factors that we believe are relevant to the measure of performance in the integrated supply chain system in the service industry.

Research …

Transferability Of Western Mncs Human Resource Management Practices: A Case Study, Mohammad Khasro Miah, Shahid Hossain

Business Review

Human Resources Management practices and its transferability in Bangladesh. This study was conducted in the US and UK MNCs operating in Bangladesh. In this study, in-depth interview and structure questionnaire methods have been used to collect data. The objectives of this study are to investigate insightful and classified information related to human resource management (HRM) practices and their transferability for both MNCs in Bangladesh. Study found that the transferability of MNC 's HRM in South Asia, Bangladesh has a very bright and promising potential. The study has shown that the adaptability rate is very high and the host country companies …

Mountain Monitor - 1st Quarter 2015, Kenan Fikri, Siddharth Kulkarni

Mountain Monitor Quarterly

This analysis of employment, output, unemployment, and house prices finds that the 10 major metropolitan areas of the Mountain West, despite significant economic headwinds, weathered the first quarter of 2015 with robust economic growth. Eight of the region’s 10 major metro areas advanced on all four metrics of economic performance, and the remaining two metro areas slipped only on a single front.

The national economic slowdown that arrived in early 2015 did not entirely bypass the Mountain West, but the region resisted the drag better than any other. As U.S. economic output contracted by 0.3 percent in the first quarter, …

Introducing An M-Commerce Course Into The Business Management Curriculum: Experiences And Recommendations, Santosh Nandi, Madhavi L. Nandi

Management Faculty Publications

Mobility has become an important extension to the business strategies of present-day organizations. Thus, organizations are increasingly seeking managers with knowledge of value chain related to mobile-oriented business activities, usually referred to as mobile commerce (m-commerce). Accordingly, business management schools are interesting in designing their curricula to respond to the need for m-commerce knowledge and, in particular, the scope of the content for an m-commerce course. The general conception of m-commerce is that it is a component of e-business or e-commerce. This paper presents the unique dimensions of m-commerce that makes it stand out as a separate course for postgraduate …

The Interplay Of Elicitation And Evaluation Of Trait-Expressive Behavior: Evidence In Assessment Center Exercises, Filip Lievens, Eveline Schollaert, Gert Keen

Research Collection Lee Kong Chian School Of Business

In assessment centers (ACs), research on eliciting candidate behavior and evaluating candidate behavior have largely followed independent paths. This study integrates trait activation and trait rating models to posit hypotheses about the effects of behavior elicitation via situational cues on key assessor observation and rating variables. To test the hypotheses, a series of experimental and field studies are conducted. Only when trait-expressive behavior activation and evaluation models work in conjunction, increases in observability are coupled with increases in the interrater reliability, convergent validity, discriminant validity, and accuracy of AC ratings. Implications of these findings for AC theory and practice are …

Density Forecast Evaluation For Dependent Financial Data: Theory And Applications, Aurobindo Ghosh, Anil K. Bera

Research Collection Lee Kong Chian School Of Business

In this paper, we propose a formal test for density forecast evaluation in presence of dependent data. Apart from accepting or rejecting the tested model, our smooth test identifies the possible sources (such as the location, scale and shape of the distribution) of rejection, thereby helping in revising the initial model. We also propose how to augment the smooth test to investigate explicit forms of dependence in the data within the same test framework. An extensive application to S&P 500 returns indicate capturing time-varying volatility and non-gaussianity significantly improve the performance of the model. Although we are dealing with index …

Perceptions Of Social Norms Surrounding Digital Piracy: The Effect Of Social Projection And Communication Exposure On Injunctive And Descriptive Norms, Hichang Cho, Siyoung Chung, Anna Filippova

Research Collection Lee Kong Chian School Of Business

Using a national sample of 620 Internet users in the US, this study examined the extent to which social projection, communication exposure, and an interaction between the two, influenced individuals’ perceptions about two subordinate types of social norms surrounding digital piracy: injunctive norms and descriptive norms. In line with the social projection model, individuals made social estimates about others’ piracy attitudes and behaviors anchoring on their own personal attitudes and behavior. However, frequent communication exposure reduced the degree to which they relied on this egocentric thought process. In addition, the two-way interaction was contingent on another condition (perceiver’s own piracy …

Taking Flight – July 2015 Edition, Georgia Southern University

College of Business: News & Publications

• Message from the Dean
• Alumni Spotlight: Kelley Chester
• College of Business Logistics Program and Ogeechee Technical College Partner
• Nashville Eagle Executive Exchange
• New Partnership Agreement Signing Ceremony for BIG Pitch Competition
• WebMAcc Ranked in Top 10
• 68th Annual Watermelon Cutting
• Eagle Connect
• College of Business Celebrates LaunchSAVANNAH Birthday
• Loss of Business Student
• Loss of Management Faculty Member

2015 July, Office Of Communications & Marketing, Morehead State University.

Morehead State Press Release Archive, 1961 to the Present

Press releases for July of 2015.

Determinants Of Hedge Fund Performance, Jun Duanmu

Graduate Theses and Dissertations

This dissertation consists of three essays which focus on the determinants of hedge fund performance. The first essay defines two distinct styles of active portfolio management: alpha active and beta active. I develop measures of beta activity and find ample evidence that top beta active managers deliver superior out-of-sample performance. In addition, I find that beta activity measure successfully captures the time varying nature of beta exposures that can be interpreted as the common factor driving the long term out-of-sample predictive power of both Systematic Risk and R2.

The second essay attempt to span the space of potential risk factors …

Intangible Benefits Of Team Identification, And The Factors Which Generate It, Toward Intercollegiate Athletic Programs In Students' College Adjustment, Junmo Sung

Graduate Theses and Dissertations

Intercollegiate athletic programs have been used to facilitate Social interactions between students within the complex nature of the college environment. In particular, many researchers have discussed the benefits of intercollegiate athletic programs in higher education, examining positive aspects of team identification such as the enhancing sense of belonging, personal self- esteem, happiness, and decreasing stress, anxiety, depression, and loneliness in Social life. With the benefits of the program, it is important to scrutinize the benefits of intercollegiate athletic programs in students’ college adjustment in higher education. Therefore, the goal of this dissertation was to provide better understanding of the intercollegiate …

Food Waste At Retail, Erin G. Killeen Davis

Graduate Theses and Dissertations

Food waste at retail represents forgone sales and embodies store management and disposal costs. Fresh produce is the largest contributing sector to food waste at retail and bulky, seasonal products are an added challenge when stores experience a high waste event. In order to improve, retailers need to better understand the costs of food waste, as well as how management strategies can impact these costs.

Using pumpkins as an example of bulky, seasonal products, a twofold research project was conducted to better understand contributors to, and costs of food waste at the retail level. In part one, using data from …

Socially Desirable Responding: Enhancement And Denial In 20 Countries, Jia He, F.J. Van De Vijver, A.D. Espinosa, A. Abubakar, R. Dimitrova, B.G. Adams, Jochen Reb, Samantha Sim

Research Collection Lee Kong Chian School Of Business

This article investigated the dimensionality, measurement invariance, and cross-cultural variations of social desirability. A total of 3,471 university students from 20 countries completed an adapted version of the Marlowe–Crowne scale. A two-dimensional structure was revealed in the pooled sample, distinguishing enhancement (endorsement of positive self-description) and denial (rejection of negative self-description). The factor structure was supported in most countries; medium-sized item bias was found in two denial items. In a multilevel analysis, we found that (a) there was more cross-cultural variation in denial than enhancement; (b) females tended to score higher on enhancement whereas males tended to score higher on …

Beyond The Western Masses: Demography And Pakistani Media Credibility Perceptions., Kyujin Shim, Guy J. Golan, Anita G. Day, Sung-Un Yang

Research Collection Lee Kong Chian School Of Business

Based on a random survey sample, the current study examined audience assessments of different media platforms in Pakistan. This study found that in the complex Pakistani media landscape, ethnicity is a key indicator in predicting media credibility. Our study’s results indicate that minority ethnic groups tend to find domestic television to be less credible, and international television or traditional media to be more credible, than do members of the majority Punjabi group. Media reliance was found to be a significant indicator of media credibility assessment — particularly regarding media such as international television and the Internet — as media reliance …

Investigating The Uniqueness And Usefulness Of Proactive Personality In Organizational Research: A Meta-Analytic Review, Matthias Spitzmuller, Hock-Peng Sin, Michael Howe, Shereen Fatimah

Research Collection Lee Kong Chian School Of Business

Using meta-analysis (283 effect sizes from 122 studies), we extend prior qualitative and quantitativereviews of research on proactive personality in a number of meaningful ways. First, we examine thediscriminant and incremental validity of proactive personality using meta-analytic regression analyses.Our results reveal that more than 50% of variance in proactive personality is unrelated to the BigFive personality traits collectively. Also, proactive personality accounts for unique variance in overalljob performance, task performance, and organizational citizenship behaviors, even after controllingfor the Big Five personality traits and general mental ability (for overall job performance and taskperformance). Moreover, we find no subgroup differences in proactive …

Local Perceptions Of The Qics Experimental Offshore Co2 Release: Results From Social Science Research, Leslie Mabon, Simon Shackley, Jerry C. Blackford, Henrik Stahl, Anuschka Miller

All Works

© 2014 Elsevier Ltd. This paper explores the social dimensions of an experimental release of carbon dioxide (CO2) carried out in Ardmucknish Bay, Argyll, United Kingdom. The experiment, which aimed to understand detectability and potential effects on the marine environment should there be any leakage from a CO2 storage site, provided a rare opportunity to study the social aspects of a carbon dioxide capture and storage-related event taking place in a lived-in environment. Qualitative research was carried out in the form of observation at public information events about the release, in-depth interviews with key project staff and local stakeholders/community members, …

Home Away From Home: Geography Of Information And Local Investors, Gennaro Bernile, Alok Kumar, Johan Sulaeman

Research Collection Lee Kong Chian School Of Business

We develop a 10K-based measure of spatial variation in the availability of value-relevant information that reflects the multi-dimensional nature of firm location. Spatially distributed information generates location-based information asymmetries that affect institutional portfolio decisions and performance. Institutions overweigh firms with greater local economic exposure and earn superior returns on corresponding trades, even for firms not headquartered locally. These patterns are stronger among harder-to-value stocks. Consistent with local informational advantage, local investor performance increases with the local exposure of individual stock holdings and her portfolio as a whole, and more so when her portfolio is more heavily tilted toward local stocks.

Leading With Mindfulness: Exploring The Relation Of Mindfulness With Leadership Behaviors, Styles, And Development, Jochen Reb, Samantha Su-Hsien Sim, Kraivin Chintakananda, Devasheesh P. Bhave

Research Collection Lee Kong Chian School Of Business

This chapter examines the complexities of mindfulness in leadership, exploring potential advantages and disadvantages of mindfulness for leaders. Such an inquiry is important for theoretical development but also has practical implications when considering the design of mindfulness training for leadership and other areas such as employee wellbeing. In the present discussion, we clarify the discussion on mindfulness by distinguishing between the dimensions of mindfulness -- that is present-moment attention, intentionality, attitude of self-compassion, witnessing awareness and clarity -- and suggest ways these dimensions affect leadership behaviors. We also distinguish between mindfulness as a construct and as a practice, to elucidate …

Customer's Short Positions And Supplier's Investment Decisions, Xia Chen, Guojin Gong, Shuqing Luo

Research Collection School Of Accountancy

Short interest contains valuable information about a firm’s business fundamentals. We investigate whether such information affects business partners’ real investment decisions in the supply-chain setting. We predict and find that a supplier’s future investments (including inventory, R&D, and tangible asset investments) decrease with its customer’s current short interest. This negative relation is stronger when the supplier faces greater difficulty in assessing its customer’s business fundamentals and when short interest is more likely to indicate longlasting deterioration in the customer’s fundamentals. Additional analysis does not support the alternative explanation that the supplier adjusts investments in response to unfavorable information obtained via …

Development And Test Of An Integrative Model Of Job Search Behaviour, Greet Van Hoye, Alan M. Saks, Filip Lievens, Bert Weijters

Research Collection Lee Kong Chian School Of Business

Research on job search and the theory of planned behaviour (TPB) has identified job search attitude, subjective norm, and job search self-efficacy as the most proximal determinants of job seekers' search intentions and subsequently job search behaviours. However, we do not yet know how more distal individual differences (e.g., personality) and situational factors (e.g., social context) might help to predict these key TPB determinants of job search behaviour. In an integrative model of job search behaviour, we propose specific relationships between these distal variables and the TPB determinants, which in turn are expected to mediate the effects of individual differences …

Least Squares Approximation To Stochastic Optimization Problems, Zhichao Zheng, Karthik Natarajan, Chung-Piaw Teo

Research Collection Lee Kong Chian School Of Business

This paper is motivated by the following question: How to construct good approximation for the distribution of the solution value to linear optimization problem when the objective function is random? More generally, we consider any mixed zero-one linear optimization problem, and develop an approach to approximate the distribution of its optimal value when the random objective coefficients follow a multivariate normal distribution. Linking our model to the classical Stein’s Identity, we show that the least squares normal approximation of the random optimal value can be computed by solving the persistency problem, first introduced by Bertsimas et al. (2006). We further …

When Voice Matters: A Multilevel Review Of The Impact Of Voice In Organizations, Michael R. Bashshur, Burak Oc

Research Collection Lee Kong Chian School Of Business

The conventional wisdom is that voice leads to desirable outcomes for organizations. However, this is most certainly an oversimplification. Of the over 1,000 studies examining the impact of voice in organizations, the implications of voice vary by the level of the organization (individual, group, organization) as well as the outcome of interest (e.g., group harmony vs. job satisfaction). In this article, we draw from the diverse literatures examining the impact of voice to integrate the theoretical frameworks and empirical results for voice outcomes across organizational levels. To do so, we start with a discussion of the definition and development of …

Improving Decision Making Through Mindfulness, Natalie Karelaia, Jochen Reb

Research Collection Lee Kong Chian School Of Business

With perhaps a few exceptions per day, we are seldom fully aware of our thoughts, actions, emotions, and what is happening around us. Even when it comes to making decisions, an activity that is often quite conscious, deliberate, and intentional, people are typically not as aware as they could be. We argue that as a result, decision quality may suffer. Consequently, mindfulness, most often defined as the state of being openly attentive to and aware of what is taking place in the present, both internally and externally (e.g., Brown and Ryan 2003; Kabat-Zinn 1982; 1990), can help people make better …