Search results for: equity returns

Authors: An-an Chiu, Shaio Yan Huang, Ling-Na Chen, Wei-Hua Lin

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Research has primarily focused on listed companies, less is done regarding small and medium-sized enterprises. Under the authorities' support, Taipei Exchange (TPEx) started Go Incubation Board for Startup and Acceleration Firms (GISA) in January 2014. This platform is designed to help small-sized innovative companies grow and to enter the capital market in the future. This research yield insight into earnings management activities around seasoned equity offerings (SEO) based on Taiwan’s GISA firms and the effectiveness of external corporate governance. Data for the study come from the GISA Market Observation Post System from January 2014 to December 2016. The result finds that GISA firms prone to upward accrual-based earnings management during SEO to avoid long-term negative consequences. Especially, firms with paid-in capital more than NT$ 30 million, higher fundraising amounts, or smaller-sized firms, tend to increase discretionary accruals. Finally, consistent with prior literature, CPA firms effectively serve as the role of external corporate governances on mitigating earnings management.

Keywords: GISA, earnings　management, CPA, seasoned equity offerings

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Authors: Teresa Leary Handy

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As awareness of the importance of diversity has increased in society, higher education has also begun to recognize the importance of supporting faculty of color. In the university setting, faculty women of color specifically encounter barriers that impact their level of job satisfaction, retention rates, and pedagogical practices. These barriers and challenges not only undermine faculty diversity efforts but also hinder the ability of colleges and universities to provide a supportive environment that fosters students' academic success and sense of belonging. Faculty who are marginalized and on the periphery in higher education institutions need support so that they can feel confident in building a student’s sense of belonging which can impact a student’s academic success and goal of earning a college degree. This study examined and sought to understand the importance of supporting faculty of color, specifically women faculty of color, and how this type of faculty support can impact student academic success and a student’s sense of belonging. The study furthered original research on strategies to move an institution forward on the equity spectrum to support belonging and inclusions as core culture elements.

Keywords: equity, inclusion, belonging, women, faculty support

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Authors: Rabail Khalid

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Social media has changed the business communication strategies in the corporate world. Firms are using social media to reach their maximum stakeholders in minimum time at different social media forums. The current study examines the role of firm-created social media communication on consumer brand perceptions and their loyalty to brand. An online survey is conducted through social media forums including Facebook and Twitter to collect data regarding social media communication of a well-reputed clothing company’s brand in Pakistan. A link is sent to 900 customers of that company. Out of 900 questionnaires, 534 were received. So, the response rate is 59.33%. During data screening and entry, 13 questionnaires are rejected due to incomplete answer. Therefore, 521 questionnaires are completed in all respect and seem to be helpful for the study. So, the positive response rate is 57.89%. The empirical results report positive and significant influence of company-generated social media communication on brand trust, brand equity, and brand loyalty. The findings of this study provide important information to the marketing professionals and brand managers to understand consumer behavior through social media communication.

Keywords: firm-created social media communication, brand trust, brand equity, consumer behavior, brand loyalty

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Authors: Edson Vengesai

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Derivative products have become essential instruments in portfolio diversification, price discovery, and, most importantly, risk hedging. Derivatives are complex instruments; their valuation, volatility implications, and real impact on the underlying assets' behaviour are not well understood. Little is documented empirically, with conflicting conclusions on how these instruments affect firm risk exposures. Given the growing interest in using derivatives in risk management and portfolio engineering, this study examines the practical impact of derivative usage on the underlying stock price exposure and systematic risk. The paper uses data from South African listed firms. The study employs GARCH models to understand the effect of derivative uses on conditional stock volatility. The GMM models are used to estimate the effect of derivatives use on stocks' systematic risk as measured by Beta and on the total risk of stocks as measured by the standard deviation of returns. The results provide evidence on whether derivatives use is instrumental in reducing stock returns' systematic and total risk. The results are subjected to numerous controls for robustness, including financial leverage, firm size, growth opportunities, and macroeconomic effects.

Keywords: derivatives use, hedging, volatility, stock price exposure

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Authors: Manmeet Kaur, Madhu Vij

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The Board of Directors in a firm performs the primary role of an internal control mechanism. This Study seeks to understand the relationship between internal governance and performance of banks in India. The research paper investigates the effect of board structure (proportion of nonexecutive directors, gender diversity, board size and meetings per year) on the firm performance. This paper evaluates the impact of corporate governance mechanisms on bank’s financial performance using panel data for 28 listed banks in National Stock Exchange of India for the period of 2008-2014. Returns on Asset, Return on Equity, Tobin’s Q and Net Interest Margin were used as the financial performance indicators. To estimate the relationship among governance and bank performance initially the Study uses Pooled Ordinary Least Square (OLS) Estimation and Generalized Least Square (GLS) Estimation. Then a well-developed panel Generalized Method of Moments (GMM) Estimator is developed to investigate the dynamic nature of performance and governance relationship. The Study empirically confirms that two-step system GMM approach controls the problem of unobserved heterogeneity and endogeneity as compared to the OLS and GLS approach. The result suggests that banks with small board, boards with female members, and boards that meet more frequently tend to be more efficient and subsequently have a positive impact on performance of banks. The study offers insights to policy makers interested in enhancing the quality of governance of banks in India. Also, the findings suggest that board structure plays a vital role in the improvement of corporate governance mechanism for financial institutions. There is a need to have efficient boards in banks to improve the overall health of the financial institutions and the economic development of the country.

Keywords: board of directors, corporate governance, GMM estimation, Indian banking

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Authors: Megan Chaney

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In the United States, research continues to show school administrators do not view themselves as adequately prepared in the area of special education. Often, special education is an omitted topic of study for school administrator preparation programs. The majority of special education teachers do not view their principals as well-prepared to support them in the educational context. Administrator preparation in the area of special education may begin at the foundational levels of understanding but is fundamentally an equity issue when serving individuals from marginalized populations with an urgent need to increase inclusionary practices. Special education and building-level administrators have a direct impact on teacher quality, instructional practices, inclusion, and equity with the opportunity to shape positive school culture. The current study was situated within an innovative IHE/LEA partnership pathway implemented with current K-12 administrators earning a Mild/Moderate Education Specialist Credential or coursework equivalent. Specifically, the study examined administrator’s perception of the Special Education Laws and Ethics’ course value and impact on the capacity to serve children with exceptionalities within the comprehensive school site context.

Keywords: special education laws and ethics, school adminstrator perspectives, school administrator training, inclusive practices

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Authors: Kwabena Asare, Ezekiel N. N. Nortey, Felix O. Mettle

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Modelling of extreme events has always been of interest in fields such as hydrology and meteorology. However, after the recent global financial crises, appropriate models for modelling of such rare events leading to these crises have become quite essential in the finance and risk management fields. This paper models the extreme values of the Ghana Stock Exchange All-Shares indices (2000-2010) by applying the Extreme Value Theory to fit a model to the tails of the daily stock returns data. A conditional approach of the EVT was preferred and hence an ARMA-GARCH model was fitted to the data to correct for the effects of autocorrelation and conditional heteroscedastic terms present in the returns series, before EVT method was applied. The Peak Over Threshold (POT) approach of the EVT, which fits a Generalized Pareto Distribution (GPD) model to excesses above a certain selected threshold, was employed. Maximum likelihood estimates of the model parameters were obtained and the model’s goodness of fit was assessed graphically using Q-Q, P-P and density plots. The findings indicate that the GPD provides an adequate fit to the data of excesses. The size of the extreme daily Ghanaian stock market movements were then computed using the Value at Risk (VaR) and Expected Shortfall (ES) risk measures at some high quantiles, based on the fitted GPD model.

Keywords: extreme value theory, expected shortfall, generalized pareto distribution, peak over threshold, value at risk

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Authors: Hamid Vahidkia

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Purview has customarily been considered in worldwide law as simply an address of the rights and powers of states. Conceived in this way, the rules onward serve the imperative work of delimiting (whereas tolerating a few covers of) state administrative specialist – the address of when an individual or occasion may be subject to national direction – a work which is shared with the cognate teach of private worldwide law. This article proposes that the thought and the rules of locale in worldwide law require reconceptualization in light of three advancements. The primary is the developing acknowledgment that in an extend of circumstances, the work out of national locale may, beneath worldwide law, be an address of duty or commitment instead of right. The moment advancement is the expanded acknowledgment that such jurisdictional obligations may, in a few circumstances, be owed not as it were to other states but also to private parties, especially through the rise and fortifying of the teachings of refusal of equity and get to equity. The third improvement is the broadly perceived wonder known as party independence, beneath which private parties in the gracious debate have the control to bestow locale on national courts and to decide themselves which law administers their connections. In combination, these improvements propose the need to reexamine the concept of ward in worldwide law to reflect the more complex substances of a worldwide lawful arrangement beneath which states possess both jurisdictional rights and commitments and are not the elite on-screen characters.

Keywords: international law, jurisdiction, purview, preconceptions, commitment

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Authors: Pooja Balasubramanian, Ghida Karbala

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Unfair treatment at the workplace encourages workers to adjust their behavior in order to restore fairness and align monetary returns to costs. This adjustment of behavior, however, may differ depending on the reference group considered to evaluate equity. In this aspect two main questions are to be considered: How do workers respond to unfair treatment at the workplace? And how does this response change depending on the identity of the reference group? To answer the above research questions, this paper utilizes data from a randomized field experiment conducted in Kolkata, India where student assistants were hired to help in a data entry task. Recruited workers were working in a team of two and were offered a fixed wage per hour. Workers were randomly assigned to one of the following treatment groups: A control group not subjected (1) to wage cuts (2) A general wage cut (3) A unilateral wage cut in reference to colleagues with similar social identity (4) A unilateral wage cut in reference to colleagues with a different social identity, where social identity is defined in terms of gender. Results show a significant decrease in the quantity and quality of work following a general wage cut. A more severe drop in productivity was presented by men in the case of unilateral wage cut, while women experiencing unilateral wage cuts didn’t exhibit a similar behavior regardless of the gender of the team member. To the contrary, women matched with a male colleague and experiencing unilateral wage cut show a slight increase in productivity, a result that contributes to the discussion regarding the paradox of the 'content female worker'. These findings highlight the necessity of a better understanding of the social comparison processes prevailing at the workplace, given the major role they play in determining the level of productivity supplied.

Keywords: effort supply, fairness, reference groups, social comparison

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Authors: Jeanetta Darno

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This paper explores the realm of organizational development through the lens of Edgar Schein's seminal work on culture and change. Specifically, the paper will focus on the strategic implementation of Employee Resource Groups (ERGs) as powerful interventions for catalyzing culture change within modern workplaces. Edgar Schein's foundational theories on organizational culture and his renowned model of culture work will serve as the theoretical framework to guide the exploration of how ERGs can be harnessed as transformative tools in organizational development initiatives. Through a review of literature combined with content analysis, this paper will explore how ERGs align with Schein's principles, contribute to development, and drive positive cultural shifts toward inclusion and equity. The paper aims to provide practical insights for organizational leaders, HR practitioners, and change agents looking to integrate ERGs effectively into their culture change efforts, thereby advancing the field of organizational development informed by Schein's influential framework. The objective of the paper is to investigate and understand the intersection between Employee Resource Groups (ERGs) and Edgar Schein's Culture Work within the context of organizational development.

Keywords: inclusive leadership, culture, equity, employee resource groups, organization development

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Authors: Maria Debora Braga, Luigi Riso, Maria Grazia Zoia

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Risk-based approaches to asset allocation are portfolio construction methods that do not rely on the input of expected returns for the asset classes in the investment universe and only use risk information. They include the Minimum Variance Strategy (MV strategy), the traditional (volatility-based) Risk Parity Strategy (SRP strategy), the Most Diversified Portfolio Strategy (MDP strategy) and, for many, the Equally Weighted Strategy (EW strategy). All the mentioned approaches were based on portfolio volatility as a reference risk measure but in 2023, the Kurtosis-based Risk Parity strategy (KRP strategy) and the Minimum Kurtosis strategy (MK strategy) were introduced. Understandably, they used the fourth root of the portfolio-fourth moment as a proxy for portfolio kurtosis to work with a homogeneous function of degree one. This paper contributes mainly theoretically and methodologically to the framework of risk-based asset allocation approaches with two steps forward. First, a new and more flexible objective function considering a linear combination (with positive coefficients that sum to one) of portfolio volatility and portfolio kurtosis is used to alternatively serve a risk minimization goal or a homogeneous risk distribution goal. Hence, the new basic idea consists in extending the achievement of typical risk-based approaches’ goals to a combined risk measure. To give the rationale behind operating with such a risk measure, it is worth remembering that volatility and kurtosis are expressions of uncertainty, to be read as dispersion of returns around the mean and that both preserve adherence to a symmetric framework and consideration for the entire returns distribution as well, but also that they differ from each other in that the former captures the “normal” / “ordinary” dispersion of returns, while the latter is able to catch the huge dispersion. Therefore, the combined risk metric that uses two individual metrics focused on the same phenomena but differently sensitive to its intensity allows the asset manager to express, in the context of an objective function by varying the “relevance coefficient” associated with the individual metrics, alternatively, a wide set of plausible investment goals for the portfolio construction process while serving investors differently concerned with tail risk and traditional risk. Since this is the first study that also implements risk-based approaches using a combined risk measure, it becomes of fundamental importance to investigate the portfolio effects triggered by this innovation. The paper also offers a second contribution. Until the recent advent of the MK strategy and the KRP strategy, efforts to highlight interesting properties of risk-based approaches were inevitably directed towards the traditional MV strategy and SRP strategy. Previous literature established an increasing order in terms of portfolio volatility, starting from the MV strategy, through the SRP strategy, arriving at the EQ strategy and provided the mathematical proof for the “equalization effect” concerning marginal risks when the MV strategy is considered, and concerning risk contributions when the SRP strategy is considered. Regarding the validity of similar conclusions when referring to the MK strategy and KRP strategy, the development of a theoretical demonstration is still pending. This paper fills this gap.

Keywords: risk parity, portfolio kurtosis, risk diversification, asset allocation

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Authors: Idris Adamu Alhaji, Wan Fauziahbt Wan Yusoff

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This study was conducted to identify the relationship between Corporate Governance attributes and Firm Performance, various studies, had been carried out mostly in developed countries, in order to identify the relationship between corporate governance attributes and firm performance. Since, the value creation of corporate governance can be measured through the firm performance, corporate governance act as a mechanism to align management's goals with the stakeholders especially to increase firm performance. Despite extensive study of corporate governance there is still an inconsistence relationship between corporate governance attributes and firm performance. Therefore, the aim of this paper is to identify the relationship between corporate governance attributes and firm performance. Five corporate governance element were used as independent variables which include: Independent director, board size, audit committee, leadership structure and board meeting. Meanwhile, the dependent variables are two firm performance measurements; return on equity (ROE) and earning per share (EPS). This study uses quantitative approaches whereby data were gathered from secondary source data were collected from Annual Reports of the companies, online journals etc. This study revealed that, there is a significant relationship between corporate governance attributes and firm performance. Therefore, the results show that good corporate governance practice influence firm performance. Finally, it's hoped that this study provides current corporate governance scenario in Malaysia that can be used to enhance the development of corporate governance of the country.

Keywords: corporate governance, return on equity, earning per share, financial performance

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Authors: Faustina Masocha

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This study sought to determine if the Covid-19 pandemic played a disruptive role in the signalling effect of dividend increases for the Top 40 companies listed on the Johannesburg Stock Exchange. With the use of Event Study Methodologies, it was found that dividend increases that were announced in the 2018 and 2019 financial years resulted in Cumulative Abnormal Returns (CARs) that were significantly different from zero, as confirmed by a p-value of 0,0300. This resulted in the conclusion that, under normal circumstances, dividend increases follow the precepts outlined in signalling theories which indicate that the announcement of dividend increases sent positive signals about the expected financial performance of a company. To prove the notion that Covid-19 plays a disruptive role on the signalling hypothesis, it was found from both parametric and non-parametric tests of significance that CARs related to dividend increases that were announced during the 2020 and 2021 financial years, when the Covid-19 pandemic was at its peak, were not significantly different from zero. Therefore, although the dividend increases still resulted in some CARs, such CARs were not statistically different from zero to confirm the signalling hypothesis. A p-value of 0.9830 from parametric t-tests and a p-value of 0.8971 from the Wilcoxon signed-rank test were used as a gauge that led to the conclusion that Covid-19 plays a disruptive effect on the signalling process of dividend increases.

Keywords: cumulative abnormal returns, dividend increases, event study methodology, signalling

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Authors: Steve Apell

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Transit-oriented development (TOD) is a popular intervention for local governments endeavoring to reduce auto-dependency and the adverse effects of sprawl. At the same time, American households such as the millennial generation, are shifting their residential preferences from the suburbs to the central city. These changes have intensified demand for TOD housing which generates high rents. This leads to displacement of low-income, transit-dependent households by more affluent middle class families. Critics argue that, the effectiveness of TOD might be compromised as newer affluent residents drive more and use transit less. However, there has not been a comprehensive study to test this hypothesis. Using census data ( 1990 – 2012) from six metropolitans areas, this research investigated if block groups within one-mile radius of TOD are gentrifying. Our findings reveal that the price of housing and number of college graduates, increased more in TODs compared to the metropolitan area. Similarly, the percentage of immigrants increased in TOD, while those of blacks and whites declined. Most importantly, TOD residents generally commuted less by car, while transit use increased in some metropolitan areas. TOD in the south of the United States registered higher cost of housing and less transit use. These findings have significant implications for the future of equitable and sustainable transportation policy.

Keywords: commuting, equity, gentrification, mode choice, transit oriented development

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Authors: Indu Bala Sethi, Meena Sewhag, Rakesh Kumar, Parveen Kumar

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Field experiment was conducted at Pulse Research Area of CCS Haryana Agricultural University, Hisar during rabi 2012-13 to study the economics of chickpea cultivars as influenced by sowing time and seed rate on sandy loam soils under irrigated conditions. The factorial experiment consisting of 24 treatment combinations with two sowing time (1st fortnight of November and 1st fortnight of December.) and four cultivars (H09-23, H08-18, C-235 and HC-1) kept in main plots while three seed rates viz. 40 kg ha-1, 50 kg ha-1 and 60 kg ha-1 was laid out in split plot design with three replications. The crop was sown with common row spacing of 30 cm as per the dates of sowing. The fertilizer was applied in the form of di- ammonium phosphate. The soil of the experimental site was deep sandy loam having pH of 7.9, EC of 0.13 dS/m and low in organic carbon (0.34%), low in available N status (193.36 kg ha-1), medium in available P2O5 (32.18 kg ha-1) and high in available K2O (249.67 kg ha-1). The crop was irrigated as and when required so as to maintain adequate soil moisture in the root zone The crop was sprayed with monocrotophos (1.25 l/ha) at initiation of flowering and at pod filling stage to protect the crop from pod borer attack. The yield was measured at the time of harvest. The cost of field preparation, sowing of seeds, thinning, weeding, plant protection, harvesting and cleaning contributed to fixed cost. The experiment was laid out in a split plot design with two sowing time (1st fortnight of November and 1st fortnight of December.) and four cultivars (H09-23, H08-18, C-235 and HC-1) kept in main plots while three seed rates viz. 40 kg ha-1, 50 kg ha-1 and 60 kg ha-1 were kept in subplots and replicated thrice. Results revealed that 1st fortnight of November sowing recorded significantly higher gross (Rs.1, 01,254 ha-1), net returns (Rs. 68,504 ha-1) and BC (3.09) ratio as compared to delayed crop of chickpea. Highest gross (Rs.91826 ha-1), net returns (Rs. 59076ha-1) and BC ratio (2.81) was recorded with H08-18. Higher value of cost of cultivation of chickpea was observed in higher seed rate than the lower ones. However no significant variation in net and gross returns was observed due to seed rates. Highest BC (2.72) ratio was recorded with 50 kg ha-1 which differs significantly from 60 kg ha-1 but was at par with 40 kg ha-1. This is because of higher grain yield obtained with 50 kg ha-1 seed rate. Net profit for farmers growing chickpea with seed rate of 50 kg ha-1 was higher than the farmers growing chickpea with seed rate of 40 and 60 kg ha.

Keywords: chickpea, cultivars, seed rate, sowing time

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Authors: Wee Tong Liaw, Elaine Wong Yee Sing

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Since 2001, many companies in Singapore have voluntarily participated in the bi-annual Singapore HEALTH Award initiated by the Health Promotion Board of Singapore (HPB). The Singapore HEALTH Award (SHA), is an industry wide award and assessment process. SHA assesses and recognizes employers in Singapore for implementing a comprehensive and sustainable health promotion programme at their workplaces. The rationale for implementing a sustained health promoting workplace and participating in SHA is obvious when company management is convinced that healthier employees, business productivity, and profitability are positively correlated. However, performing research or empirical studies on the impact of a sustained health promoting workplace on stock returns are not likely to yield any interests in the absence of a systematic and independent assessment on the comprehensiveness and sustainability of a health promoting workplace in most developed economies. The principles of diversification and mean-variance efficient portfolio in Modern Portfolio Theory developed by Markowitz (1952) laid the foundation for the works of many financial economists and researchers, and among others, the development of the Capital Asset Pricing Model from the work of Sharpe (1964), Lintner (1965) and Mossin (1966), and the Fama-French Three-Factor Model of Fama and French (1992). This research seeks to support the rationale by studying whether there is a significant relationship or impact of a sustained health promoting workplace on the performance of companies listed on the SGX. The research shall form and test hypotheses pertaining to the impact of a sustained health promoting workplace on company’s performances, including stock returns, of companies that participated in the SHA and companies that did not participate in the SHA. In doing so, the research would be able to determine whether corporate and fund manager should consider the significance of a sustained health promoting workplace as a risk factor to explain the stock returns of companies listed on the SGX. With respect to Singapore’s stock market, this research will test the significance and relevance of a health promoting workplace using the Singapore Health Award as a proxy for non-diversifiable risk factor to explain stock returns. This study will examine the significance of a health promoting workplace on a company’s performance and study its impact on stock price performance and beta and examine if it has higher explanatory power than the traditional single factor asset pricing model CAPM (Capital Asset Pricing Model). To study the significance there are three key questions pertinent to the research study. I) Given a choice, would an investor be better off investing in a listed company with a sustained health promoting workplace i.e. a Singapore Health Award’s recipient? II) The Singapore Health Award has four levels of award starting from Bronze, Silver, Gold to Platinum. Would an investor be indifferent to the level of award when investing in a listed company who is a Singapore Health Award’s recipient? III) Would an asset pricing model combining FAMA-French Three Factor Model and ‘Singapore Health Award’ factor be more accurate than single factor Capital Asset Pricing Model and the Three Factor Model itself?

Keywords: asset pricing model, company's performance, stock prices, sustained health promoting workplace

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Authors: Hamed Movahedizadeh, Annuar Md Nassir, Mehdi Karimimalayer, Navid Samimi Sedeh, Ehsan Bagherpour

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The aim of this paper is to evaluate Tehran’s Stock Exchange (TSE) performance regarding with impact of four macroeconomic factors including world crude Oil Price (OP), World Gold Price (GP), Consumer Price Index (CPI) and total Supplied Oil by Iran (SO) from January 2006 to December 2012 that Iran faced with economic and oil sanctions. Iran's exports of crude oil and lease condensate reduced to roughly 1.5 million barrels per day (bbl/d) in 2012, compared to 2.5 million bbl/d in 2011 due to hard sanctions. Monthly data are collected and subjected to a battery of tests through ordinary least square by EViews7. This study found that gold price and oil price are positively correlated with stock returns while total oil supplied and consumer price index have negative relationship with stock index, however, consumer price index tends to become insignificant in stock index. While gold price and consumer price index have short run relationship with TSE index at 10% of significance level this amount for oil price is significant at 5% and there is no significant short run relationship between supplied oil and Tehran stock returns. Moreover, this study found that all macroeconomic factors have long-run relationship with Tehran Stock Exchange Index.

Keywords: consumer price index, gold price, macroeconomic, oil price, sanction, stock market, supplied oil

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Authors: Young-Hyun Seo, Hosuk Shin, Eun-Hak Lee, Seung-Young Kho

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This study analyzed and visualized the rental and return data of the public bike sharing system in Seoul, Ttareungyi, from September 2015 to October 2017. With the surge of system users, the number of times of collection and distribution in 2017 increased by three times compared to 2016. The city plans to deploy about 20,000 public bicycles by the end of 2017 to expand the system. Based on about 3.3 million historical data, we calculated the average trip time and the number of trips from one station to another station. The mobility patterns between stations are graphically displayed using R and Tableau. Demand for public bike sharing system is heavily influenced by day and weather. As a result of plotting the number of rentals and returns of some stations on weekdays and weekends at intervals of one hour, there was a difference in rental patterns. As a result of analysis of the rental and return patterns by time of day, there were a lot of returns at the morning peak and more rentals at the afternoon peak at the center of the city. It means that stock of bikes varies largely in the time zone and public bikes should be rebalanced timely. The result of this study can be applied as a primary data to construct the demand forecasting function of the station when establishing the rebalancing strategy of the public bicycle.

Keywords: demand forecasting, mobility patterns, public bike sharing system, visualization

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Authors: George Kamil Kamal Abdelnor

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Every major educational institution has incorporated diversity, equity, and inclusion (DEI) principles into its administrative, hiring, and pedagogical practices. Yet these DEI principles rarely incorporate explicit language or critical thinking about disability. Despite the fact that according to the World Health Organization, one in five people worldwide is disabled, making disabled people the larger minority group in the world, disability remains the neglected stepchild of DEI. Drawing on disability studies and crip theory frameworks, the underlying causes of this exclusion of disability from DEI, such as stigma, shame, invisible disabilities, institutionalization/segregation/delineation from family, and competing models and definitions of disability are examined. This paper explores both the ideological and practical shifts necessary to include disability in university DEI initiatives. It offers positive examples as well as conceptual frameworks such as 'divers ability' for so doing. Using Georgetown University’s 2020-2022 DEI initiatives as a case study, this paper describes how curricular infusion, accessibility, identity, community, and diversity administration infused one university’s DEI initiatives with concrete disability-inclusive measures. It concludes with a consideration of how the very framework of DEI itself might be challenged and transformed if disability were to be included.

Keywords: cognitive disability, cognitive diversity, disability, higher education disability, Standardized Index of Diversity of Disability (SIDD), differential and diversity in disability, 60+ population diversity, equity, inclusion, crip theory, accessibility

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Authors: Mitzi S. Brammer

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Given that the cultural make-up of programs of study in institutions of higher learning is becoming increasingly diverse, much has been written about cultural diversity from a university-level perspective. However, there are little data in the way of specific programs and how they address inclusive practices when teaching and working with marginalized populations. This research study aimed to discover baseline knowledge and attitudes of health sciences faculty, instructional staff, and students related to inclusive teaching/learning and interactions. Quantitative data were collected via an anonymous online survey (one designed for students and another designed for faculty/instructional staff) using a web-based program called Qualtrics. Quantitative data were analyzed amongst the faculty/instructional staff and students, respectively, using descriptive and comparative statistics (t-tests). Additionally, some participants voluntarily engaged in a focus group discussion in which qualitative data were collected around these same variables. Collecting qualitative data to triangulate the quantitative data added trustworthiness to the overall data. The research team analyzed collected data and compared identified categories and trends, comparing those data between faculty/staff and students, and reported results as well as implications for future study and professional practice.

Keywords: inclusion, higher education, pedagogy, equity, diversity

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Authors: Jaishree Ellis

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The United States Centers for Disease Control tells us that many women with disabilities will not receive regular health screenings, including Pap Smears and mammograms. This article was comprised and written to recognize the barriers to care, gaps in existing healthcare implementation, and viable methodologies for the provision of comprehensive and robust gynecologic care for women with disabilities. According to the World Health Organization, 15% of the world's population, or approximately 1 billion people, have disabilities, most of whom are identified as women. Women with disabilities are described as being multi-disabled, as in some places, they suffer exclusion because of their disabilities as well as their gender. The paucity of information regarding how to create a healthcare system that is inclusive of every woman, regardless of her type of disability (physical, mental, intellectual or medical), has made it challenging to establish an environment that makes it possible for individuals to access care in an equitable, respectful and comprehensive way. A review of the current literature, institutional websites within the United States and American resource guides was implemented to determine where comprehensive models of care for women with disabilities exist, as well as the modalities that are being employed to meet their healthcare needs. The many barriers to care that women with disabilities face were also extracted from various sources within the literature to provide an exhaustive list that can be tackled, one by one. Of the 637 Hospital Systems in the United States, only 7 provide website documentation of health care services that address the unique needs of women with disabilities. The presumption is that if institutions have not marketed such interventions to the community, then it is likely that they do not have a robust suite of services with which to make gynecologic care available to patients with disabilities. Through this review, 7 main barriers to comprehensive gynecologic care were identified, with more than 20 sub-categories existing within those. As with many other areas of community life, inclusion remains lacking in the delivery of healthcare for women with disabilities. There are at least 7 barriers that must be overcome in order to provide equity in the medical office, the exam room, the hospital and the operating room. While few institutions have prioritized this, those few have provided blueprints that can easily be adopted by others. However, as the general population lives longer and ages, the incidence of disabilities increases, as do the healthcare disparities surrounding them. Further compounded by this is a lack of formal education for medical providers in the United States.

Keywords: health equity, inclusion, healthcare disparities, education

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Authors: Muktar Haruna

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This research work examines the International Financial Reporting Standard (IFRS) adoption and value relevance of earnings of listed consumer goods companies in the Nigerian. The population of the study comprises 22 listed consumer goods companies, out of which 15 were selected as sample size of the study. The scope of the study is a 12-year period covering from 2006 to 2018. Secondary data from the annual report of sampled companies were used, which consists of earnings per share (EPS), the book value of equity per share (BVE) as independent variables; firm size (FSZ) as a control variable, and market share price of sampled companies from Nigerian stock exchange as dependent variable. Multiple regressions were used to analyze the data. The results of the study showed that IFRS did not improve the value relevance of earnings after the adoption, which translates to a decrease in value relevance of accounting numbers in the post-adoption period. The major recommendation is that the Nigerian Reporting Council should ensure full compliance to all provisions of IFRS and provide uniformity in the presentation of non-current assets in the statement of financial position, where some present only net current assets leaving individual figures for current assets and liabilities invisible.

Keywords: IFRS, adoption, value relevance, earning per share, book value of equity per share

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Authors: Kamran Baksh Soomro, Amin Talei, Sina Alaghmand

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Due to the declining freshwater availability to agriculture in many areas, the utilization of saline irrigation requires more consideration. For this purpose, the effects of saline irrigation on the economics of crop yield and soil salinity should be understood. A two-year field experiment was carried out during 2017-18 with three replications to investigate the effect of saline groundwater on the economics of bitter gourd production and soil salinity status after harvesting the crop. Two irrigation treatments, i.e., fresh quality irrigation water (IT₁ EC 0.56 dS.m⁻¹ (control) and other is saline groundwater ( IT₂ EC 2.56 dS.m⁻¹) were used under drip system of irrigation. Cost-benefit analysis is often used to assess adaptation approaches. In this study, it has been observed that the salts under IT₁ (fresh quality water) and IT₂ (saline groundwater) did not accumulate in the wetted zone. However, the salts were observed deposited at wetted periphery under both the treatments after the crop end at all the three sampling depths under drip system of irrigation. Moreover, the costs and benefits associated with different irrigation treatments for two consecutive seasons for bitter-gourd cultivation were also investigated, and it was found that the average gross returns per hectare in season 1 were USD 5008.22 and 4454.78 under irrigation treatment IT₁ and IT₂ respectively. Whereas in season 2 the average gross returns per hectare were 3713.47 and 3140.51 under IT₁ and IT₂ respectively.

Keywords: ground-water, soil salinity, drip irrigation, wetted zone, wetted periphery, cost benefit analysis

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Authors: Dina Magnaye

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In the Philippines, the performance of the agricultural sector is gauged through crop productivity and returns from farm production rather than the biodiversity in the agricultural ecosystem. Agricultural development hinges on the overall goal of increasing productivity through intensive agriculture, monoculture system, utilization of high yielding varieties in plants, and genetic upgrading in animals. This merits an analysis of the role of agro-biodiversity in terms of increasing productivity, food security and economic returns from community-based pro-biodiversity enterprises. These enterprises conserve biodiversity while equitably sharing production income in the utilization of biological resources. The study aims to determine how community-based pro-biodiversity enterprises become instrumental in local climate change adaptation and agro-biodiversity conservation as input to local green economic development planning. It also involves an assessment of the role of agrobiodiversity in terms of increasing productivity, food security and economic returns from community-based pro-biodiversity enterprises. The perceptions of the local community members both in urban and upland rural areas on community-based pro-biodiversity enterprises were evaluated. These served as a basis in developing a planning modality that can be mainstreamed in the management of local green economic enterprises to benefit the environment, provide local income opportunities, conserve species diversity, and sustain environment-friendly farming systems and practices. The interviews conducted with organic farmer-owners, entrepreneur-organic farmers, and organic farm workers revealed that pro-biodiversity enterprise such as organic farming involved the cyclic use of natural resources within the carrying capacity of a farm; recognition of the value of tradition and culture especially in the upland rural area; enhancement of socio-economic capacity; conservation of ecosystems in harmony with nature; and climate change mitigation. The suggested planning modality for community-based pro-biodiversity enterprises for a green economy encompasses four (4) phases to include community resource or capital asset profiling; stakeholder vision development; strategy formulation for sustained enterprises; and monitoring and evaluation.

Keywords: agro-biodiversity, agro-biodiversity conservation, local green economy, organic farming, pro-biodiversity enterprise

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Authors: Rachid Belhachemi, Pierre Rostan, Alexandra Rostan

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This paper develops a discrete-time option pricing model for index options. The model consists of two key ingredients. First, daily stock return innovations are driven by a continuous hidden threshold mixed skew-normal (HTSN) distribution which generates conditional non-normality that is needed to fit daily index return. The most important feature of the HTSN is the inclusion of a latent state variable with a continuum of states, unlike the traditional mixture distributions where the state variable is discrete with little number of states. The HTSN distribution belongs to the class of univariate probability distributions where parameters of the distribution capture the dependence between the variable of interest and the continuous latent state variable (the regime). The distribution has an interpretation in terms of a mixture distribution with time-varying mixing probabilities. It has been shown empirically that this distribution outperforms its main competitor, the mixed normal (MN) distribution, in terms of capturing the stylized facts known for stock returns, namely, volatility clustering, leverage effect, skewness, kurtosis and regime dependence. Second, heteroscedasticity in the model is captured by a threeexogenous-factor GARCH model (GARCHX), where the factors are taken from the principal components analysis of various world indices and presents an application to option pricing. The factors of the GARCHX model are extracted from a matrix of world indices applying principal component analysis (PCA). The empirically determined factors are uncorrelated and represent truly different common components driving the returns. Both factors and the eight parameters inherent to the HTSN distribution aim at capturing the impact of the state of the economy on price levels since distribution parameters have economic interpretations in terms of conditional volatilities and correlations of the returns with the hidden continuous state. The PCA identifies statistically independent factors affecting the random evolution of a given pool of assets -in our paper a pool of international stock indices- and sorting them by order of relative importance. The PCA computes a historical cross asset covariance matrix and identifies principal components representing independent factors. In our paper, factors are used to calibrate the HTSN-GARCHX model and are ultimately responsible for the nature of the distribution of random variables being generated. We benchmark our model to the MN-GARCHX model following the same PCA methodology and the standard Black-Scholes model. We show that our model outperforms the benchmark in terms of RMSE in dollar losses for put and call options, which in turn outperforms the analytical Black-Scholes by capturing the stylized facts known for index returns, namely, volatility clustering, leverage effect, skewness, kurtosis and regime dependence.

Keywords: continuous hidden threshold, factor models, GARCHX models, option pricing, risk-premium

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Authors: Shrutika Lakshmi

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Gender inequality has been quite evident particularly in the third world economies in different domains like health, education, marriages and personal freedom. Women’s exercise to personal freedom is driven by their financial standing in third world social milieu. However, even after decades of attempt to achieve a socio-economic standing equal to men, their attempts have failed in registering success.This research has been conducted in the national capital of India New Delhi aiming to reflect upon the gendered relations in society on the category of employed women. This particular category of women have been chosen for the study in order to study the gender relations, subordination of such women in household despite having an economic standing of their own, etc. The methodology used for this study is semi-structured interview along with qualitative analysis. Moreover, with the help of direct interaction with these women, we get insight into the kind of gendered relations prevailing inside the household structure which have their roots in age old customs and stereotype of the social milieu. Most importantly, the highlight of the study remains on the point where the hierarchy remains in the subconscious of these women and they never forget their social standing. It has been interesting to note that how even after contributing to the family income successively, their position remains subjugated in front of their male counterparts and thus, they are not ‘free’ in the real sense of the term. Even after attaining an economically stable position, these women did not enjoy the same comfort and freedom of choice as their male counterparts do, this could be gauged from the fact that when asked about ‘time for one’s own self’ they had no sense of it. This is astonishing in today’s world where every individual works and strives for a better livelihood and quality existence. Such findings reflect upon the reality of our society where women are still subjugated and duty bound towards the household even after having the same economic stand as their male counterparts. The burden of household chores and responsibilities fall solely on the shoulders of a women despite being an employed women even in the present times. Cooperation comes primarily from female members of the household and not from males. And thus, we as a society are far away from gender equity. We still suffer from prejudices and stereotypes which prevent us from giving same respect to women which we keep reserved for the man. Given this scenario, it seems, gender equity is a distant goal which we will have to keep striving for even harder even after decades of feminist struggles all over the world.

Keywords: employed women, subjugation in household, gender hierarchy, financial independence,

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Authors: Carlson Murray, Ali Lazrak

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Robust experimental evidence of systematic violations of expected utility (EU) establishes that individuals facing risk overweight utility from low probability gains and losses when making choices. These findings motivated development of models of preferences with probability weighting functions, such as rank dependent utility (RDU). We solve for the optimal investing strategy of an RDU investor in a dynamic binomial setting from which we derive implications for investing behavior. We show that relative to EU investors with constant relative risk aversion, commonly measured probability weighting functions produce optimal RDU terminal wealth with significant downside protection and upside exposure. We additionally find that in contrast to EU investors, RDU investors optimally choose a portfolio that contains fair bets that provide payo↵s that can be interpreted as lottery outcomes or exposure to idiosyncratic returns. In a calibrated version of the model, we calculate that RDU investors would be willing to pay 5% of their initial wealth for the freedom to trade away from an optimal EU wealth allocation. The dynamic trading strategy that supports the optimal wealth allocation implies portfolio weights that are independent of initial wealth but requires higher risky share after good stock return histories. Optimal trading also implies the possibility of non-participation when historical returns are poor. Our model fills a gap in the literature by providing new quantitative and qualitative predictions that can be tested experimentally or using data on household wealth and portfolio choice.

Keywords: behavioral finance, probability weighting, portfolio choice

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Authors: Li-Hsueh Chen

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Efficient operation is more and more important for managers of hotels. Unlike the manufacturing industry, hotels cannot store their products. In addition, many hotels provide room service, and food and beverage service simultaneously. When efficiencies of hotels are evaluated, the internal structure should be considered. Hence, based on the operational characteristics of hotels, this study proposes a DEA model to simultaneously assess the efficiencies among the room production division, food and beverage production division, room service division and food and beverage service division. However, not only the enhancement of efficiency but also the adjustment of scale can improve the performance. In terms of the adjustment of scale, scale elasticity or returns to scale can help to managers to make decisions concerning expansion or contraction. In order to construct a reasonable approach to measure the efficiencies and scale elasticities of hotels, this study builds an alternative variable-returns-to-scale-based two-stage network DEA model with the combination of parallel and series structures to explore the scale elasticities of the whole system, room production division, food and beverage production division, room service division and food and beverage service division based on the data of international tourist hotel industry in Taiwan. The results may provide valuable information on operational performance and scale for managers and decision makers.

Keywords: efficiency, scale elasticity, network data envelopment analysis, international tourist hotel

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Authors: Kwaku Damoah

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The agricultural sector is characterized by continuous transformation, driven by factors such as demographic shifts, evolving consumer preferences, climate change, and migration trends. This dynamic environment presents complex challenges for key stakeholders including farmers, governments, and investors, who must navigate these changes to achieve optimal investment returns. To effectively predict market trends and uncover promising investment opportunities, a systematic, data-driven approach is essential. This paper introduces the Structural Evolution Index (SEI), a machine learning-based methodology. SEI is specifically designed to analyse long-term trends and forecast the potential of emerging agricultural products for investment. Versatile in application, it evaluates various agricultural metrics such as production, yield, trade, land use, and consumption, providing a comprehensive view of the evolution within agricultural markets. By harnessing data from the UN Food and Agricultural Organisation (FAOSTAT), this study demonstrates the SEI's capabilities through Comparative Exploratory Analysis and evaluation of international trade in agricultural products, focusing on Malaysia and Singapore. The SEI methodology reveals intricate patterns and transitions within the agricultural sector, enabling stakeholders to strategically identify and capitalize on emerging markets. This predictive framework is a powerful tool for decision-makers, offering crucial insights that help anticipate market shifts and align investments with anticipated returns.

Keywords: agricultural investment, algorithm, comparative exploratory analytics, machine learning, market trends, predictive analytics, structural evolution index

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Authors: Libena Cernohorska

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The goal of this paper is to specify factors influencing the profitability of selected banks. Next, a model will be created to help establish variables that have a demonstrable influence on the development of the selected banks' profitability ratios. Czech banks and their international parent companies were selected for analyzing profitability. Banks categorized as large banks (according to the Czech National Bank's system, which ranks banks according to balance sheet total) were selected to represent the Czech banks. Two ratios, the return on assets ratio (ROA) and the return on equity ratio (ROE) are used to assess bank profitability. Six endogenous and four external indicators were selected from among other factors that influence bank profitability. The data analyzed were for the years 2001 – 2013. First, correlation analysis, which was supposed to eliminate correlated values, was conducted. A large number of correlated values were established on the basis of this analysis. The strongly correlated values were omitted. Despite this, the subsequent regression analysis of profitability for the individual banks that were selected did not confirm that the selected variables influenced their profitability. The studied factors' influence on bank profitability was demonstrated only for Československá Obchodní Banka and Société Générale using regression analysis. For Československá Obchodní Banka, it was demonstrated that inflation level and the amount of the central bank's interest rate influenced the return on assets ratio and that capital adequacy and market concentration influenced the return on equity ratio for Société Générale.

Keywords: banks, profitability, regression analysis, ROA, ROE

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