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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 Religiosity and risk: Association of Judeo-Christian ethicality with a sustainable business environment(2023-09-04) Russell, Hannah Michelle; Ariail, Donald L.; Smith, Katherine Taken; Murphy Smith, LawrencePrior research has examined the relationship of religiosity to aspects of business risks, notably, the ethical environment in which business firms operate. Religiosity is connected to economic factors and societal factors. This study examines the relationship of religion-based ethics, specifically Judeo-Christian ethicality, in a country (measured by Judeo-Christian presence as a proportion of the population) to economic freedom, economic activity, gender equality, social progress, and corruption. Modern business firms, in efforts to embrace diversity, accommodate cultural factors such as religiosity, particularly so in multinational operations where diverse religions will be encountered. Findings show that Judeo-Christian ethicality has a positive relationship to factors connected to a society’s sustainable business culture—that is, more economic freedom, higher economic activity, improved gender equality, better social progress, and lower corruption.Item OER for digital marketing course (MKTG 3333 Digital Marketing)(2023-03-02) Loveland, KarenBefore I developed the OER for this course, I researched various textbooks and interviewed several former students who had their own digital marketing agency and/or had recent work experience in digital marketing. From that research, I identified 14 topics to include in the course. This number works well with different term lengths: 1 topic per week for 15-week course (with a certification exam serving as the final exam in week 15); 2 topics per week in the 7-week term; 3 topics per week (2 in Week 1 to allow for setting up software/accounts needed for class) in 5-week summer term. I joined the HubSpot Education Partners Program to provide students with free access to an enterprise-level subscription to HubSpot’s CRM platform (used by over 150,000 businesses worldwide). This allowed me to supplement their publically-available lessons and certifications (HubSpot Academy) with access to the actual platform. I developed three “application exercises” that provide students with hands-on experience with a commercial CRM platform (designing a landing page, writing a blog post, composing & sending & evaluating a promotional email message). Content selected consists of videos, blogs, ebooks, toolkits, and interactive lessons/tools related to digital marketing. All included videos are ADA-compliant (include human-generated captions). HubSpot video lessons also include PowerPoint slides and a transcript; some even provide support for multiple languages (which may be helpful for international students). The following sections identify the title of the learning resource, URL (link), creator, type of content, date, length (if applicable) and a description that summarizes the content and explains why I selected it.Item Chapter 6 tutorial(2023-04-04) Changchit, Chuleeporn; Klaus, Timothy; Palfreyman, Christopher; Pham, LongChapter 6: Vlookup and Conditional Formatting This Microsoft® Excel® 365 text is developed to provide students with the basic skills on working with Excel 365. This book covers six chapters. Each chapter will be provided with the “Start File” and “Complete File”. The “Start File” will contain the data learners need to work with such chapter. Then, the learner will follow the demonstration in the slides/screenshot to learn the concepts covered in such chapter. Once the learner finish such chapter, the “Start File” will resemble the “Complete File.” It is highly recommended that the learner practice with the project in each chapter 2-3 times. During the last practice, the learner should not need to consult the demonstration anymore. If the learner still need to look at the demonstration as a reference, it is an indication that additional practices are needed. This book uses all Microsoft Excel screenshots under fair use. If you plan to redistribute our book, please consider whether your use is also fair use.Item Chapter 5 tutorial(2023-04-04) Changchit, Chuleeporn; Klaus, Timothy; Palfreyman, Christopher; Pham, LongChapter 5: Formulas and Graphical Charts This Microsoft® Excel® 365 text is developed to provide students with the basic skills on working with Excel 365. This book covers six chapters. Each chapter will be provided with the “Start File” and “Complete File”. The “Start File” will contain the data learners need to work with such chapter. Then, the learner will follow the demonstration in the slides/screenshot to learn the concepts covered in such chapter. Once the learner finish such chapter, the “Start File” will resemble the “Complete File.” It is highly recommended that the learner practice with the project in each chapter 2-3 times. During the last practice, the learner should not need to consult the demonstration anymore. If the learner still need to look at the demonstration as a reference, it is an indication that additional practices are needed. This book uses all Microsoft Excel screenshots under fair use. If you plan to redistribute our book, please consider whether your use is also fair use.Item Chapter 4 tutorial(2023-04-04) Changchit, Chuleeporn; Klaus, Timothy; Palfreyman, Christopher; Pham, LongChapter 4: Mortgage and Amortization This Microsoft® Excel® 365 text is developed to provide students with the basic skills on working with Excel 365. This book covers six chapters. Each chapter will be provided with the “Start File” and “Complete File”. The “Start File” will contain the data learners need to work with such chapter. Then, the learner will follow the demonstration in the slides/screenshot to learn the concepts covered in such chapter. Once the learner finish such chapter, the “Start File” will resemble the “Complete File.” It is highly recommended that the learner practice with the project in each chapter 2-3 times. During the last practice, the learner should not need to consult the demonstration anymore. If the learner still need to look at the demonstration as a reference, it is an indication that additional practices are needed. This book uses all Microsoft Excel screenshots under fair use. If you plan to redistribute our book, please consider whether your use is also fair use.Item Chapter 3 tutorial(2023-04-04) Changchit, Chuleeporn; Klaus, Timothy; Palfreyman, Christopher; Pham, LongChapter 3: What-If Analysis, Charting, And Working With Large Worksheets This Microsoft® Excel® 365 text is developed to provide students with the basic skills on working with Excel 365. This book covers six chapters. Each chapter will be provided with the “Start File” and “Complete File”. The “Start File” will contain the data learners need to work with such chapter. Then, the learner will follow the demonstration in the slides/screenshot to learn the concepts covered in such chapter. Once the learner finish such chapter, the “Start File” will resemble the “Complete File.” It is highly recommended that the learner practice with the project in each chapter 2-3 times. During the last practice, the learner should not need to consult the demonstration anymore. If the learner still need to look at the demonstration as a reference, it is an indication that additional practices are needed. This book uses all Microsoft Excel screenshots under fair use. If you plan to redistribute our book, please consider whether your use is also fair use.Item Chapter 2 tutorial(2023-04-04) Changchit, Chuleeporn; Klaus, Timothy; Palfreyman, Christopher; Pham, LongChapter 2: Formulas, Functions, and Formatting This Microsoft® Excel® 365 text is developed to provide students with the basic skills on working with Excel 365. This book covers six chapters. Each chapter will be provided with the “Start File” and “Complete File”. The “Start File” will contain the data learners need to work with such chapter. Then, the learner will follow the demonstration in the slides/screenshot to learn the concepts covered in such chapter. Once the learner finish such chapter, the “Start File” will resemble the “Complete File.” It is highly recommended that the learner practice with the project in each chapter 2-3 times. During the last practice, the learner should not need to consult the demonstration anymore. If the learner still need to look at the demonstration as a reference, it is an indication that additional practices are needed. This book uses all Microsoft Excel screenshots under fair use. If you plan to redistribute our book, please consider whether your use is also fair use.Item Chapter 1 tutorial(2023-04-04) Changchit, Chuleeporn; Klaus, Timothy; Palfreyman, Christopher; Pham, LongChapter 1: Creating a Worksheet and a Chart This Microsoft® Excel® 365 text is developed to provide students with the basic skills on working with Excel 365. This book covers six chapters. Each chapter will be provided with the “Start File” and “Complete File”. The “Start File” will contain the data learners need to work with such chapter. Then, the learner will follow the demonstration in the slides/screenshot to learn the concepts covered in such chapter. Once the learner finish such chapter, the “Start File” will resemble the “Complete File.” It is highly recommended that the learner practice with the project in each chapter 2-3 times. During the last practice, the learner should not need to consult the demonstration anymore. If the learner still need to look at the demonstration as a reference, it is an indication that additional practices are needed. This book uses all Microsoft Excel screenshots under fair use. If you plan to redistribute our book, please consider whether your use is also fair use.Item Access work(2023-04-11) Changchit, Chuleeporn; Klaus, Timothy; Palfreyman, Christopher; Pham, LongComputer applications links for Access practice and activities.Item Overreaction in a frontier market: Evidence from the Ho Chi Minh Stock Exchange(2023-03-29) Truong, Loc Dong; Cao, Giang Ngan; Friday, H. Swint; Doan, Nhien TuyetThe purpose of the study is to investigate the overreaction hypothesis in relation to the Ho Chi Minh Stock Exchange (HOSE). The data used in this study consist of a monthly price series of 392 stocks traded on the HOSE, covering the period starting on 5 January 2004 through to 30 June 2021. The findings derived from the tests examining the differences in excess returns across the winner and loser portfolios confirm that the overreaction phenomenon exists in the HOSE. More specifically, following the creations of the portfolios, the loser portfolio outperformed the winner portfolio by 1.80% and 2.17% in the second and third month, respectively. In addition, the differences in cumulative abnormal returns between the loser and winner portfolios were significantly positive for almost all tracking periods. These findings support the hypothesis that the Vietnam stock market is inefficient in its weak form. Based on these results, we suggest that investors can earn abnormal returns by using contrarian trading strategies in the Vietnam stock market.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 Understanding the determinants of customer intention to use mobile payment: The Vietnamese perspective(2023) Changchit, Chuleeporn; Changchit, Charles; Cutshall, Robert; Pham, Long; Rao, MohanPrevious studies on the intention to use mobile payment were mainly conducted using traditional technology acceptance models, which focus on positive factors and ignore negative factors influencing the intention to use mobile payment in both developed and developing countries. This study is conducted in a newly emerging country, Vietnam – a trusted destination for multinational companies to do business and reposition their global supply chains. With the integration of positive and negative factors into an extended research model to examine their influence on the intention to use mobile payment, the results show that perceived privacy and perceived security contribute to overall perceived risk. Moreover, perceived risk and perceived compatibility are two determinants of intention to use mobile payment. Theoretical and managerial implications are drawn and directions for future research are outlined.Item Hotels' marketing mix responses at insecurity-stricken destinations: a study in the US–Mexico border(2022-06-14) Cruz-Milan, OliverPurpose – The purpose of this paper is to investigate specific marketing mix activities and influencing factors in hotels coping with falling room demand derived from drug cartel-related risk and insecurity. Design/methodology/approach – A case study research was carried out using semistructured interviews with key informants (hotel managers) in two neighboring destinations at the US–Mexico border, an area where criminal organizations’ drug trafficking-related violence has impacted the hospitality industry. Findings – The research identifies factors that are internal (market segment diversification, type of ownership, magnitude of investments) and external (tourism promotion organizations, media coverage, tourist flow volume) to the firms as they affect their marketing mix implementation. Research limitations/implications – The research developed a framework to better understand the use of marketing mix practices and influencing factors in criminal insecurity contexts, which could be further studied in other risk and conflict scenarios. Practical implications – The pricing and communication tactics are employed more intensively, while product-service and distribution channel actions are used to a lesser extent. Greater emphasis should be placed on product-service, distribution and market segment diversification. Social implications – Considering the positive impacts that tourism and hospitality businesses have on local communities, it is recommended that the hotel sector works together with government and industry associations to improve the safety and security at tourism destinations. Originality/value – The research extends the extant knowledge in hospitality crisis management by investigating the full marketing mix tactics in hotels at destinations stricken by cartel-related organized crime, an understudied context in the literature.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 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 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 Uncertainty shocks and corporate borrowing constraints(2023-01-19) Kamara, Ahmed; Koirala, NirajIn this paper, we study the effects of uncertainty shocks in a quantitative framework where firms in the corporate sector are constrained by credit. Specifically, we formulate borrowing constraints as a nested function that features both earnings and capital as alternative instruments for assessing credit worthiness, in line with recent trends in corporate finance. We find that the quantitative framework that incorporates only one instrument (capital or earnings) in the borrowing constraint falls short in matching the business cycle properties of the US economy in terms of the behavior of output, inflation, and the price markup which are an essential part of the literature on uncertainty shocks. Rather, a hybrid formulation of the borrowing constraint which accounts for both capital and earnings helps us bring the results in the quantitative model closer to the data.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 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’.