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An Exploratory Study of Esports Match-Fixing: Guardianship Failures and Situational Crime Prevention
No full textAn unfortunate similarity developing between esports and traditional sports is their shared potential for criminal opportunities. The esports industry is an attractive target for offenders seeking illicit gain through manipulating competitions. Esports match-fixing is the responsibility of various stakeholders including game publishers, tournament organizers, sport federations, government agencies, betting companies, and law enforcement. The complex ecosystem of esports guardianship remains largely unexplored in relation to match-fixing opportunities, which is addressed in this exploratory study. 15 semi-structured interviews with high-level representatives of esports, sport governance, betting, law enforcement, and national government in six European countries (Austria, Estonia, Romania, Bulgaria, Spain, Greece) reveal a lack of capable esports guardianship due to distrust, deprioritization, and dismissiveness. These identified characteristics result in a reconceptualization of the “guardianship” concept from Routine Activities Theory as it applies to esports match-fixing. This reconceptualization contributes to criminology and crime prevention, providing a more nuanced understanding of how guardianship can be ineffective even when it is present and capable. Finally, Situational crime prevention provides a suitable framework to assess potential strategies that could mitigate opportunities for match-fixing by improving guardianship in esports
Does Leverage Impact the Choice of Financing in Cross-Border Mergers and Acquisitions? Evidence from Emerging Economies
Get PDFCross-border mergers and acquisitions (CBMA), as an internationalization strategy, have been used by firms from emerging economies to attain competitive advantage at a global level. However, little attention has been paid to capital structure decisions in CBMA, carried out by firms in these economies. The study disentangles this relationship between the acquirer’s capital structure and the financing method used during the course of mergers and acquisitions (M&A) in an international setting. It is a novel attempt to examine the moderating effect of acquirer size on the relationship between leverage and financing method in the acquisition offer. The study utilizes 1817 cross-border deals undertaken by 20 emerging economies from 2009 to 2021. The key findings suggest that highly leveraged acquirers are more likely to have stock in their offer as compared to the cash component. Contrary to expectations, size and liquidity have a negative effect on the choice of financing. Further, a disaggregated analysis examines the impact of the financial system of the acquirer country and the development status of the target country on the method of payment. The implications of the capital structure and payment choices are abundant for various stakeholders -policymakers, managers, and the board of directors involved in CBMA
Total Factor Productivity (TFP) and Financial Markets
Get PDFThe dynamic interplay between real firms and the financial markets remains under continuous government scrutiny, reflecting the evolving diversity that accompanies the expansion of financial markets. Given the financial market\u27s critical role in capital provision, it is essential to understand how different funding relationships influence firm performance. This study focuses on A-share listed companies in China from 2013 to 2023, categorizing their funding relationships into two distinct types: net investment and net financing. The analysis reveals a significant dampening effect on Total Factor Productivity (TFP) associated with net investment-based funding relationships. Mechanistic investigations indicate that this suppression is due to the diversion of capital from core business activities towards net investment activities, ultimately hindering productivity. These findings offer valuable insights into the complex relationship between real firms and the financial markets, highlighting the varied mechanisms through which the financial markets can either enhance or impede firm value. Additionally, the study provides practical policy recommendations for regulatory authorities aimed at optimizing the real economy\u27s access to financial services by refining the funding relationships between real firms and the financial markets
Connectedness Between Music Tokens and Major Asset Classes: Implications for Hedging and Investments Strategies
Get PDFThis study examines the dynamic connectedness between four music tokens, that is, Audius, CEEK, ROCKI and Viberate and major asset classes, namely, equity, bond, crude oil, Gold, Bitcoin and USD. We used daily data from December 23, 2020, to August 30, 2024. We measure the connectedness using the quantile VAR method and the wavelet quantile correlation approach. The quantile VAR method reveals that assets play receiver and transmitter roles. However, the assets hold a weak relationship, indicating the opportunity for portfolio diversification. Further, the results of wavelet quantile correlation also discovered negative or no relationship among major assets, revealing the existence of the portfolio diversification opportunity. The economic, geopolitical, and other related factors partially drive the connectedness of the selected assets. We measured the portfolio performance using the minimum variance portfolio, minimum correlation portfolio, recently developed minimum connectedness portfolio, equally weighted portfolio and risk-parity portfolio techniques. The minimum variance portfolio has low Sharpe and also does not include any music token due to the risky nature of the music token. However, the minimum connectedness and minimum correlation portfolios consider the addition of music tokens to a significant level, which also improves portfolio diversification. Both equally weighted portfolios and risk-parity portfolios include the music token as an asset and also give a significant Sharpe ratio. Music token serves as a hedging tool for all major asset classes. The other assets also give the hedging benefit to music tokens. However, the inclusion of the music token in the portfolio results in an increase in volatility of major asset classes, indicating a limited degree of advantage of the music token. Our study provides important implications for investors, portfolio managers, policymakers and artists
Navigating Economic Policy Uncertainty: Implications for Firm Value in the Indian Context
Get PDFThis study explores the influence of economic policy uncertainty (EPU) on firm value within the Indian context. The study employs fixed effect regression methodology on sample of 25,108 firm-year observations covering the period 2011 to 2020. Drawing on information asymmetry theory, the findings reveal a negative relationship between EPU and firm value, indicating that changes in economic policies, tax regulations, fiscal and monetary policies, and trade dynamics significantly impact the firm value. The study also investigates the impact of leverage (supply side effect) and cash holdings (precautionary motive) as moderating factors. The study reveals that firms strategically utilize leverage to manage their financial obligations and enhance their market valuation. Business group affiliation during EPU periods is associated with higher market value, indicating advantages in capital access and reputation. Sector-specific dynamics show that manufacturing firms with higher cash holdings experience lower market valuations compared to service sector firms. The insights drawn from the study can be beneficial for the firms, policymakers, and investors in navigating economic policy uncertainties in the Indian market. The research contributes to the existing literature by focusing specifically on the Indian market to gain deeper insights into the complex relationship between financial strategies, environmental uncertainty, and firm value
How Does Moral Hazard Impact Critical Market Banking Performance?
Get PDFThe degree to which financial institutions form expectations of policy intervention despite their own risk appetites lies at the heart of macrofinancial regulations such as the Dodd-Frank and Consumer Protection Acts. The effectiveness of these policies hinge on the assumption that large banks are the only banks that are too-big-to-fail (TBTF). However, alternative perspectives posit that banks may be too-complex-to-fail, regardless of their size. To remedy competing TBTF definitions, we propose a new criterion to identify potential TBTF banks by their relative involvement in so-called critical markets, considerate of both bank size and complexity. We estimate a restricted translog semiparametric smooth coefficient seemingly unrelated regressions model (SPSC SUR) wherein model elasticities are functions of nonperforming assets, a proxy for moral hazard, to derive nonperformance-adjusted returns-to-scale estimates for critical market banks from 2001 through 2023. Over our full sample, the median critical market bank tends to operate under increasing returns-to-scale while most critical market banks exhibit decreasing or constant returns-to-scale. Results taken over the past two decades suggest that most TBTF banks have exhausted their economies of scale concurrently alongside the shrinking competitive landscape
Religiosity and the Use of Performance-Based Compensation
Get PDFThis study examines how a firm’s religious culture affects the structure of CEO compensation. I consider two characteristics of religious cultures that are likely to have implications on executive compensation structure – the sensitivity of economic agents to financial rewards (extrinsic motivation) and the extent to which agents’ actions can affect future outcomes (locus of control). I hypothesize that religious cultures’ attitudes toward both characteristics will lead to less use of performance-based compensation in religious cultures and show evidence consistent with the hypothesis. Further tests show that the relationship is primarily driven by religious cultures’ perception of extrinsic motivation. Using corporate headquarters relocations as a shock to a firm’s culture, I show that the relationship is causal
Does 9/11 Still Act as a Motivator for Individuals Entering the Criminal Justice and National Security Fields?
No full textThe terror attacks on September 11, 2001 changed the world in an instant, leaving lasting effects on the United States and the international community. This thesis investigates whether the 9/11 attacks continue to serve as a motivating factor for individuals pursuing careers in the Criminal Justice and National Security fields, despite the passage of more than two decades since the event.
This study utilizes secondary research analysis to examine data from empirical studies conducted between 2006 and 2022, with a particular emphasis on students enrolled in Criminal Justice programs at institutions of higher education. Key variables explored include personal victimization, social movements, gender, personality traits, familial influence, and media exposure. The analysis also identifies a significant gap in research concerning motivational factors influencing individuals who enter the National Security field.
The findings suggest that, while the September 11 attacks are not frequently cited as a direct motivation for career selection, major events with widespread social implications may influence individuals’ decisions to pursue careers in Criminal Justice. Furthermore, the analysis indicates that students attracted to service-oriented fields are frequently motivated by a desire to initiate change and address societal injustices. This thesis underscores the importance of further research—particularly the inclusion National Security-related disciplines—to identify more specific motivational factors to gain an understanding of individuals entering these fields. Further research may assist academic institutions, recruitment professionals, and employers in increasing student engagement, improving career preparedness, and improving workforce retention across the Criminal Justice and National Security fields
Extraction of Bioethanol From Seaweed Via Hydrolysis and Fermentation Using Mass-Produced Enzymes and Yeast
Get PDFThe increasing global energy demand, depletion of fossil fuel reserves, and environmental concerns have driven the search for sustainable biofuel alternatives. Seaweeds (macroalgae) are promising feedstocks for bioethanol production due to their high carbohydrate content, rapid growth rates, lack of lignin, and non-competition with arable land. This study investigates the bioethanol production potential of three seaweed species, Codium fragile, Monostroma grevillei, and Fucus distichus, using enzymatic hydrolysis and fermentation via Separate Hydrolysis and Fermentation (SHF) and Simultaneous Saccharification and Fermentation (SSF) processes. Hydrolysis was catalyzed using either α-Amylase or Celluclast 1.5L, and Saccharomyces cerevisiae was employed for fermentation. Out of 12 experimental runs, 9 yielded quantifiable bioethanol. The highest ethanol concentration (11.3 wt.%) was obtained from C. fragile using SHF, while the lowest (3.5 wt.%) was observed in the same species under SSF conditions. The higher SHF yield is attributed to the ability to optimize hydrolysis and fermentation independently, enabling full enzymatic activity at elevated temperatures (45–50°C), which is particularly effective for depolymerizing the ulvan-rich polysaccharides in C. fragile. In contrast, SSF required a temperature compromise, reducing hydrolytic efficiency. Distillate volumes ranged from 8.0 to 108.5 mL, with SHF generally outperforming SSF. Characterization via IR and 1H-NMR spectroscopy confirmed the presence of ethanol in all successful trials, alongside trace impurities in select experiments. These results demonstrate the viability of seaweeds as a renewable source of bioethanol and highlight how process configuration and enzyme selection significantly influence yield and purity. Further optimization is recommended to maximize output and validate these findings against existing literature benchmarks
Too Clingy or Too Distant: Attachment Styles as Significant Predictors of Friendship Quality
No full textThe relationship between attachment styles and friendship has been a prevalent topic in psychology; particularly, the influence attachment styles have on friendships and peer relationships during childhood. However, there is still a relatively small body of research on this association in young adults. Therefore, this study tested the significance of attachment styles as predictors of friendship quality in young adults. Eighty-seven undergraduate students took the State Adult Attachment Measure (SAAM) and the Friendship Qualities Scale (FQS). Participants were identified through the SAAM as having a secure, anxious, or avoidant attachment style. Their attachment style was measured alongside the participant’s scores in the dimensions of Companionship, Conflict, Help, Security, and Closeness in the FSQ. The results indicated that attachment styles had a statistical significance in the Help and Security qualities. On the other hand, no statistical significance was found within Companionship, Conflict, and Closeness. These results concur with attachment theory and theories of friendship formation and maintenance, such as the interdependence theory of friendship. Findings on some of the qualities, such as Companionship and Closeness, depart from previous research. This suggest that other factors (e.g., psychological, cultural) may have a higher influence on friendship quality than attachment styles. Given that attachment styles have been found to significantly impact factors of friendship, future research could study friendship through a holistic approach measuring common predictors of friendship alongside attachment styles