COB Faculty Works
Permanent URI for this collectionhttps://hdl.handle.net/1969.6/87079
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Browsing COB Faculty Works by Type "Article"
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Item Assessing star value: The influence of prior performance and visibility on compensation strategy(Wiley Online Library, 4/19/2022) Terry, Ryan P.The greatest competition among rivals in many industries is not for market share but human capital. In the so-called talent war, organisations compete aggressively to attract star employees—individuals with disproportionate productivity and external visibility—in pursuit of competitive advantage. Building on human capital and resource-based view theories, we argue that firms' compensation strategies are influenced by the intangible assets that define stars. With data from Major League Baseball, we find that organisations are likely to pay higher wages to stars based on their prior performance and visibility. Furthermore, our data indicate that firm competitive position influences which of these intangible assets holds greater value for managers. We discuss the implications of these findings for organisations waging a war for talent and suggest directions for future research on a matter that is far from over.Item Benefits of education at the intensive margin: Childhood academic performance and adult outcomes among American immigrants(Palgrave Macmillan, 3/23/2015) Gevrek, Deniz; Gevrek, Z. Eylem; Guven, CahitUsing the Children of the Immigrants Longitudinal Study, we examine the association between education at the intensive margin and twenty pecuniary and non-pecuniary adult outcomes among first- and second-generation American immigrant youth. Education at the intensive margin is measured by two widely used standardized math and reading test scores, national percentile rankings on these tests, and cumulative grade point average (GPA) in both middle and high school. Our findings provide evidence that the academic achievement of immigrant children in early adolescence is an accurate predictor of later life outcomes. We also examine a novel hypothesis that relative academic performance of immigrant children in high school compared to middle school, which could be an indicator of change in adolescent aspirations and motivation as well as the degree of adaptation and assimilation to the host country, has an effect on their adult outcomes even after controlling for the levels of academic performance in middle and high school. The results suggest that an improvement in GPA from middle school to high school is associated with favorable adult outcomes. Several sensitivity tests confirm the robustness of these findings.Item A comparative study of trust in mobile banking: An analysis of U.S. And Thai customers(ACM, 3/23/2021) Lonkani, Ravi; Sampet, Jomjai; Changchit, Chuleeporn; Klaus, TimWith the rapid growth of mobile phone usage, mobile services have influenced many industries including banking. Mobile banking has become a popular service as it offers a convenient channel for customers to perform banking transactions. Nevertheless, not all customers feel safe performing financial transactions online. Trust has become a crucial element on whether customers choose to use mobile banking. As a comparative study, this research examines factors and bank customers' characteristics that influence trust in mobile banking between U.S. and Thai mobile banking customers. Three hundred and eight USA consumers and two hundred and fifty-two Thai consumers participated in this study. The results found multiple significant factors influencing trust and usage of mobile banking. This study expands on previous trust and mobile banking usage research and provides practical implications for cross-cultural strategies in mobile banking.Item Contemporary mobile commerce: Determinants of its adoption(2023-03-06) Mollick, Joseph; Cutshall, Robert; Changchit, Chuleeporn; Long, PhamMobile commerce is the next generation of electronic commerce that allows consumers to perform many transactions via a mobile phone instead of a desktop computer. To online businesses, this commerce channel also allows them to have almost non-stop accessibility to a large population of mobile device users. This study examines the factors affecting intention to use contemporary mobile commerce on the basis of integrating perceived security, subjective norm, innovativeness, and self-efficacy into the TAM model. Statistical analysis results show that self-efficacy and innovativeness are positively related to perceived ease of use. Perceived ease of use has a positive effect on perceived usefulness. Perceived ease of use, perceived usefulness, perceived security, and subjective norm have a positive relationship with intention to use mobile commerce. The theoretical and practical implications are discussed. Finally, future research directions are outlined.Item Covid-19 impact on US housing markets: Evidence from spatial regression models(Taylor and Francis Online, 1/10/2022) Lee, Jim; Huang, YuxiaThis paper empirically investigates the conventional wisdom that urban residents have reacted to the Covid-19 pandemic by fleeing city centres for the suburbs. A conventional panel model of US ZIP code-level data provides mixed evidence in support of a shifting housing preference for more space or neighbourhoods farther from the urban core. Regressions accounting for spatial dependence and spatial heterogeneity show strong support of an urban flight within metro areas, but this local phenomenon is uneven across broad regions of the United States. The finding of geographical disparity underscores both the local as well as the regional nature of housing market conditions.Item COVID-19 vaccine hesitancy: The role of socioeconomic factors and spatial effects(MDPI, 2/24/2022) Lee, Jim; Huang, YuxiaThis paper investigates the spatial dimension of socioeconomic and demographic factors behind COVID-19 vaccine hesitancy. With a focus on a county with considerable sociodemographic diversity in the state of Texas, USA, we apply regression models to census-tract-level data of the unvaccinated population. In addition to disparities in accessing the vaccination service, particularly for residents in rural areas, empirical results confirm under-vaccination among lower socioeconomic neighborhoods and communities with signs of distrust in government. The spatial model regressions further underscore the impact that vaccine hesitancy among residents in one community spread to its nearby communities. This observed spatial spillover effect is attributable to the geographic interactions of similar socioeconomic groups.Item Cryptocurrency risks, fraud cases, and financial performance(2023-02-23) Kerr, David; Loveland, Karen; Smith, Katherine; Smith, Lawrence MurphyIn this study, we examine major cryptocurrencies, present notable fraud cases, describe fraud risks, and analyze cryptocurrency financial performance. People debate whether cryptocurrency is an investment opportunity, the new Dutch Tulip Bubble, or a giant Ponzi scheme. There have been a number of high-profile fraud cases associated with cryptocurrencies, such as the FTX scandal in late 2022, thereby making fraud a real concern to current and potential future investors. Regarding financial performance, cryptocurrencies experienced a major collapse in value in the most recent period of the study, about three times worse than the major stock market indices. While in prior periods, cryptocurrencies have significantly outperformed stock market indices, recent fraud cases and the extreme volatility of cryptocurrencies indicate that investing in cryptocurrencies comes with much higher risk than traditional stock market investments. The debate over the investment potential of cryptocurrencies continues, whether they have long term value or are simply the new Dutch Tulip Bubble. The study’s findings will be useful to investors, regulators, and academic researchers regarding the cryptocurrency industry.Item Cryptocurrency trading and downside risk(2023-07-06) Iqbal, Farhat; Zahid, Mamoona; Koutmos, DimitriosSince the debut of cryptocurrencies, particularly Bitcoin, in 2009, cryptocurrency trading has grown in popularity among investors. Relative to other conventional asset classes, cryptocurrencies exhibit high volatility and, consequently, downside risk. While the prospects of high returns are alluring for investors and speculators, the downside risks are important to consider and model. As a result, the profitability of crypto market operations depends on the predictability of price volatility. Predictive models that can successfully explain volatility help to reduce downside risk. In this paper, we investigate the value-at-risk (VaR) forecasts using a variety of volatility models, including conditional autoregressive VaR (CAViaR) and dynamic quantile range (DQR) models, as well as GARCH-type and generalized autoregressive score (GAS) models. We apply these models to five of some of the largest market capitalization cryptocurrencies (Bitcoin, Ethereum, Ripple, Litecoin, and Steller, respectively). The forecasts are evaluated using various backtesting and model confidence set (MCS) techniques. To create the best VaR forecast model, a weighted aggregative technique is used. The findings demonstrate that the quantile-based models using a weighted average method have the best ability to anticipate the negative risks of cryptocurrencies.Item Cryptocurrency trading using machine learning: A Technical note(8/10/2020) Koker, Thomas E.; Koutmos, DimitriosWe present a model for active trading based on reinforcement machine learning and apply this to five major cryptocurrencies in circulation. In relation to a buy-and-hold approach, we demonstrate how this model yields enhanced risk-adjusted returns and serves to reduce downside risk. These findings hold when accounting for actual transaction costs. We conclude that real-world portfolio management application of the model is viable, yet, performance can vary based on how it is calibrated in test samples.Item CSR and firm risk: Is shareholder activism a double-edged sword?(2022-11-21) Bozos, Konstantinos; King, Timothy; Koutmos, DimitriosFew can argue with the notion that corporations should at least consider corporate social responsibility (CSR) to better understand the impact of their operations on society. However, recent empirical tests suggest CSR has an ambiguous impact on firm performance. To shed new light on this debate, we examine the extent to which voting support for nonbinding shareholder-initiated CSR proposals is empirically linked to changes in firms’ underlying systematic risks. Using a rich dataset of proposals in the US from 1998 to 2011, we contribute several novel findings. First, we show that shareholder voting support is nonlinearly linked to changes in systematic risk. Specifically, proposals with low voting support increase risk while those with high support decrease risk. This nonlinearity is particularly pronounced for consumer-sensitive firms that cater primarily to individual consumers rather than for firms in non-consumer-sensitive industries that produce goods or services meant for industrial or governmental use. Second, the 2007–2009 financial crisis exacerbated increases in firms’ systematic risks for proposals with low voting support. Our results, which highlight asymmetry regarding firms’ CSR initiatives, remain robust when controlling for firm-specific factors as well as shifts in investor sentiment. From a risk management perspective, our findings suggest that CSR initiatives need strong shareholder support to realize benefits from the so-called ‘risk reduction hypothesis’.Item Culture, intermarriage, and differentials in second-generation immigrant women's labor supply(Wiley, 2011-10) Gevrek, Zahide Eylem ; Gevrek, Deniz; Gupta, SonamWe examine the impact of culture on the work behavior of second-generation immigrant women in Canada. We contribute to the current literature by analyzing the role of intermarriage in intergenerational transmission of culture and its subsequent effect on labor market outcomes. Using relative female labor force participation and total fertility rates in the country of ancestry as cultural proxies, we find that culture matters for the female labor supply. Cultural proxies are significant in explaining number of hours worked by second generation women with immigrant parents. More importantly, we show that the impact of cultural proxies is significantly larger for women with immigrant parents who share same ethnic background than for those with intermarried parents. The fact that the effect of culture is weaker for women who were raised in intermarried families stresses the importance of intermarriage in assimilation process. Our results are robust to different specifications and estimation strategies.Item The Downward breaststroke kick makes fast speed and increased lactate acid(David Publishing, 2021) Ide, Takahisa; Johnson, William F.; Takise, Sadafumi; Konarzewski, Jan; Inada, Noriko; Fujimori, Hiromasa; Fujimori, Takeharu; Moronuki, Emi; Nagahata, Asahi; Barcinas, Ken A.; Santos, Felipe Dos; Koseki, Yasuhiro; Glavnyk, Iryna; Nikolaev, Mark; Antipov, Daniil; Plavin, Bogdan; Kawamoto, KoheiIn this study, we assess the effectiveness of utilizing a downward breaststroke kick with regard to the overall time, max speed and velocity per stroke when using a downward breaststroke kick technique. We analyzed breaststroke kick of knee angles from 8 elite world class swimmers. The downward breaststroke kick used in breaststroke competitions resulted in improvements average of 100 yard or 100 meter breaststroke from 1:05.10 s to 1:01.97 s. Increases in performance max speed and velocity per stroke among 9 elite world class swimmers are highly correlated to duration of the kick aerodynamic buoyant farce in breaststroke. The downward breaststroke kick also resulted in an increase in lactate acid.Item The dynamic impacts of monetary policy uncertainty shocks(2023-01-06) Kamara, Ahmed; Koirala, Niraj P.This paper assesses whether the impact of monetary policy uncertainty on the U.S. economy has changed over time. Estimating a Time-Varying Parameter Vector Autoregressive model on U.S. data from 1985Q1 to 2022Q3, we find that uncertainty shocks have larger negative effects on output during the COVID-19 recession than during other periods. However, financial market variables, such as stock prices and dividends, responded more significantly to uncertainty shocks during the Asian crisis of the late 1990s, the IT bubble of the 2000s, and the Great Recession. We then develop a Dynamic Stochastic General Equilibrium model with monetary policy uncertainty. Based on the calibrated model, we conduct several counterfactual exercises to demonstrate that the effects of uncertainty shocks depend on the state of the economy, which is consistent with the empirical evidence. These findings provide new insights into the time-varying nature of the impact of economic uncertainty.Item E-government service quality, perceived value, satisfaction, and loyalty: evidence from a newly emerging country(2023-10-06) Pham, Long; Limbu, Yam B.; Le, Mai Thi Thu; Nguyen, Ngoc LanThis study examines the relationships between e-government service quality, perceived value, satisfaction, and loyalty toward e-government services. Survey data were collected from 340 randomly selected e-government service users in Vietnam. The results reveal that (1) e-government service quality consists of five dimensions: ease of interaction, fulfillment, citizen care, security and privacy, and trustworthiness; (2) among the five dimensions of e-government service quality, only trustworthiness and fulfillment are significantly related to perceived value; however, trustworthiness has a stronger association with perceived value than does fulfillment; and (3) both perceived value and satisfaction are positively associated with loyalty. The results indicate that the e-government can create value for the citizens by improving service quality, which may help satisfy citizens’ needs and build their loyalty.Item Education, spatial disparities in schooling and black-white interracial marriage(IZA institute of labor economics, 2020-08) Gevrek, Deniz; Gevrek, Z. EylemThis study investigates the observed positive relationship between educational attainment and likelihood of black-white interracial marriages. Different from the previous studies that focus only on the role of individual education levels in interracial marriages, this study contributes to the literature by examining the impact of the spatial variations in relative black/white educational distributions in marriage markets. The first contribution of this study is to provide an answer to the low black-white intermarriage rate puzzle by suggesting that as black and white educational differences in general between lessen and as individual educational attainment increase black-white interracial marriages may not become more common. The relative importance of three mechanisms through which education may affect intermarriage probability is examined: (1) racial adaptability effect, (2) enclave effect, and (3) educational dissimilarity effect. Using the U.S. Census Data, this study’s second contribution is the finding that the enclave and the educational dissimilarity effects are more important than the racial adaptability effect in explaining intermarriage probability of black males. Our results suggest that rising black individual educational attainments may not always result in an increased intermarriage likelihood. Differences in the black and white education distributions have a significant impact on the black/white interracial marriage probability.Item Effects of COVID-19 on variations of taxpayers in tourism-reliant regions: The case of the Mexican Caribbean(2021-12-02) Cruz-Milan, Oliver; Lagunas-Puls, SergioGiven the tourism industry’s risk and vulnerability to pandemics and the need to better understand the impacts on tourism destinations, this research assesses the effect of the COVID-19 outbreak on the variation of taxpayer units in the Mexican Caribbean region, which includes some of the major sun-and-sand beach destinations in Latin America. Using monthly data of registered taxpayer entities at the state and national levels as the analysis variable, probability distributions and definite integrals are employed to determine variations of the year following the lockdown, compared with previous years’ data. Results indicate that despite the government’s measures to restrict businesses’ operations and a reduction in tourism activities, registered taxpayers at the regional level did not decrease for most of 2020. Further, as business activities and tourism recovered, taxpayer units increased at the end of 2020 and beginning of 2021. Surprisingly, such a pattern was not observed at the national level, which yielded no statistically significant variations. A discussion of factors influencing the resilience of the tourism region in the study (e.g., outbound markets’ geographic proximity, absence of travel restrictions, closure of competing destinations) and implications for public finances are presented.Item The effects of index futures trading volume on spot market volatility in a frontier market: Evidence from Ho Chi Minh stock exchange(2022-12-08) Truong, Loc; Friday, H. Swint; Nguyen, AnhThis analysis is the first to investigate the influence of index futures trading volume on spot market volatility for the Ho Chi Minh Stock Exchange (HOSE). The data utilized in this study are the daily VN30-Index futures contract trading volume starting at the inception date for the VN30- Index futures contract, 10 August 2017 and going through 10 August 2022. Using an autoregressive distributed lag (ARDL) bounds testing approach, the empirical findings reveal a positive relation between VN30-Index futures trading volume and the volatility of the spot market for the HOSE in the short-run. In addition, the results of the ARDL tests confirm in for the long-run, trading volume of futures contracts has a significant positive influence on spot market volatility. Moreover, the results derived from the error correction model (ECM) indicate that only 5.54% of the disequilibria from the previous trading day are converged and corrected back to the long-run equilibrium from the current day. Based on the findings, we recommend that Vietnamese policymakers establish relevant intervention polices on speculation of individual investors in order to provide stabilization safeguards for the underlying stock market.Item Factors influencing intention to use online consumer reviews: The case of Vietnam(2023) Pham, Long; Klaus, Tim; Changchit, ChuleepornOnline consumer reviews have been shown to play an important role that can influence consumers’ attitudes, behaviors, and purchasing decisions. This study seeks to understand factors that affect user intention to use online consumer reviews. To examine this area, this paper theorizes multiple constructs that may influence intention to use. The subjects in this study were 466 online Vietnamese consumers. The data were analyzed using structural equation modeling, and five of the seven hypotheses were found to be significant. This study found several results not found in prior studies. The construct perceived online review importance is found to be important in influencing intention to use online reviews. Both perceived usefulness and perceived credibility influenced consumers’ perceptions on the importance of online reviews. The study findings contribute to the research field of online consumer reviews and provide new insights into intention to use online consumer reviews for a developing country, different from prior studies that have focused on developed countries.Item Fiscal policy tracking design in the time–frequency domain using wavelet analysis(Elsevier, 9/26/2015) Hudgins, David; Crowley, Patrick M.In this paper discrete wavelet filtering techniques are applied to decompose macroeconomic data so that they can be simultaneously analyzed in both the time and frequency domains. The MODWT (Maximal Overlap Discrete Wavelet Transform) is applied to US quarterly GDP data to obtain the underlying cyclical structure of the GDP components. A MATLAB program is then used to design optimal fiscal policy within an LQ tracking model with wavelet decomposition, and the results are compared with an aggregate model with no frequency decomposition. The results show that fiscal policy is more active under the wavelet-based model, and that the consumption and investment trajectories under the aggregate model are misaligned. We also simulate FHEC (Frequency Harmonizing Emphasis Control) strategies that allow policymakers to concentrate the policy thrust on tracking frequencies that are optimally aligned with policy goals under different targeting priorities. These strategies are only available by using time–frequency analysis. This research is the first to construct fiscal policy in an applied optimal control model based on the short and long cyclical lag structures obtained from wavelet analysis. Our wavelet-based optimal control procedure allows the policymaker to construct a pragmatic tracking policy, avoid suboptimal policies gleaned from an aggregate model, and reduce the potential for destabilization that might otherwise result due to improper thrust and timing.Item Flared gas can reduce some risks in crypto mining as well as oil and gas operations(2022-06-16) Vazquez, Jennifer; Crumbley, Donald LarryThere are numerous risks associated with mining and owning cryptocurrencies, and exploring and producing oil and natural gas are highly risky, costly, and controversial. A marriage of digital mining and exploring and producing oil and natural gas has reduced the major risks and costs for both the crypto miner and the petroleum industry. On the one hand, crypto mining requires an enormous amount of electricity, which is not environmentally friendly. On the other hand, when drilling for petroleum resources, natural gas is often discovered, but due to a lack of resources or pipeline availability, a massive amount of natural gas is vented into the atmosphere or burned (called flaring). Today, however, this normally wasted gas (called stranded natural gas) is being used to create cheap electricity for mining server containers stationed near drilling rigs, which are used to create cryptocurrencies. This results in reduced CO2 emissions, lower costs for drillers, and greater royalties going to landowners.