9 research outputs found
The Impact of Intangible Capital and Diversity Reputation on Firm Performance
No full textThis dissertation examines the effects that intangible capital and diversity reputation have on firm performance. In Chapter 1, entitled “CEO Overconfidence and Intangible Corporate Investments,” we extend the corporate investment and CEO overconfidence literature by examining how CEO overconfidence affects investment-cashflow sensitivity using a new measure of Tobin’s q and cashflow. Specifically, we incorporate intangible capital, which neo-classical investment theory mostly ignores, in the empirical analysis. We develop three overconfidence measures and their interaction with the respective standard and new cashflow settings to capture the investment-cashflow sensitivity effect of CEO overconfidence. We use three investment measures (physical, intangible, and total investments) and find that the effect of managerial overconfidence on investment-cashflow sensitivity is more prominent for corporate intangible investments than physical investments. Moreover, our results show that the standard measure of physical capital weakly explains the intangible investment-cashflow density. Our study offers useful insights in that it explains the reason why investment-cashflow sensitivity has been weaker in recent years. We also show that investment-cashflow sensitivity is stronger when intangible capital is incorporated into the analysis. Chapter 2 is entitled “Diversity Reputation and Firm Performance.” The modern American workplace is a microcosm of modern American society. The increasing diversity of the American workforce has made the increasing diversity of the American workplace a necessity. We explore the impact of diversity reputation on firm performance. We measure a firm’s diversity reputation by its inclusion in DiversityInc’s list of Top 50 Companies for Diversity. We measure firm performance by various accounting measures (return on assets, return on investment, and return on sales) as well as one market-based measure, Tobin’s Q. We find that firms that have a better diversity reputation outperform firms that do not
COVID-19 and GCC stock market performance: an analysis of the boon (financial stimulus package) and curse (oil price plunge) effects
No full textThis study aims to investigate the reaction (in terms of returns and volatility) of Gulf Cooperation Council (GCC) country-wise stock markets (both conventional and Islamic) in response to the surge of COVID-19 cases, with special reference to the announcement of financial stimulus packages in each country and the recent global oil price plunge. Further, the study also examines the impact of COVID-19 cases on the stock market returns of each GCC country and the continuous dynamics of correlation between COVID-19 cases and GCC stockmarkets. This study uses an exponential generalized auto regressive conditional heteroskedasticity model and continuous wavelet coherence to estimate the stock market volatility and comovement between COVID-19 cases and stock returns. Empirical findings indicate an adverse reaction (negative returns and high volatility) during the period examined, with the stimulus package resulting in a positive transformation of returns in each country-level stock market as well as the regional stock index. Further, no evidence of an adverse effect of the oil price plunge is identified. All findings are identical between both conventional and Islamic stock indices. While ample research has been conducted on the impact and dynamics of the pandemic on stock markets, little has addressed the areas of financial stimulus packages and the oil price plunge. The findings of this study show that further research needs to be conducted to elucidate the ways in which effective financial stimulus packages can be formulated in the GCC region to mitigate the adverse effects of COVID-19 for economies without causing major financial deficits, as well as to find strategies to diversify economies away from the oil curse
Modeling credit risk in credit unions using survival analysis
No full text
Purpose
The purpose of this paper is to investigate proprietary data from customers of a Southern Louisiana credit union. It analyzes the factors that contribute to an accelerated failure time (AFT) using information from customers’ credit applications as well as information provided in their credit report.
Design/methodology/approach
This paper investigates the factors that affect credit risk using survival analysis by employing two primary models – the AFT model and the Cox proportional hazard (PH) model. While several studies employ the Cox PH model, few use the AFT model. However, this paper concludes that the AFT model has superior predictive qualities.
Findings
This paper finds that the factors specific to borrowers and local factors play an important role in the duration of a loan.
Practical implications
This paper offers an easily interpretable model for determining the duration of a potential borrower. The marketing department of credit unions can then use this information to predict when a customer will default, thus allowing the credit union to intervene in a timely manner to prevent defaults. Further, the credit union can use this information to seek out customers who are less likely to default.
Originality/value
This study is different from the previous research due to its focus on credit unions, which have distinct characteristics. Compared to similar lending institutions, the charter of the credit union does not allow management to sell off loans to other investors.
</jats:sec
Assessing the Impact of the Turkey-Syria Earthquake on Global Stock Markets
No full textUsing the event study and cross-sectional analysis, we show that the impact of the Turkey-Syria earthquake on the leading stock market indices of 53 nations was not uniform. While the global, European, and developed markets exhibit negative returns on t+1 and t+4, positive returns were observed on t+2 and t+3, indicating that market participants later adjusted their perceptions and expectations of the event. The country-wise analysis suggests that investors\u27 optimistic view leads to positive returns. We show that trade dependence and proximity to the event zone negatively impact returns, while past returns just before the event can predict returns during the event windows.
Studying the aerodynamic signature of an airofoil structure beyond the experimental measuring limits of a wind tunnel using the ANN algorithm
No full textThis paper presents a comprehensive investigation into the utilization of an artificial neural network (ANN) to explore the aerodynamic characteristics of an airfoil. The ANN model, trained with an extensive experimental dataset, accurately predicts the lift and drag coefficients of different fabricated airfoils across a wide range of angles of attack (AoA) and wind speeds. The airfoil performance model is developed using practical measurements of lift and drag forces obtained from a diverse set of fabricated airfoils. The dataset covers wind speeds ranging from 4 to 10 m/s and AoA ranging from − 20 to 20°, providing a rich source of data that surpasses the limitations of traditional experimental setups. To enhance the accuracy and range of the dataset, a Levenberg–Marquardt algorithm (LMA) is employed for data regression, resulting in a significantly expanded dataset consisting of sub-million points. The accuracy of the developed model is rigorously tested and validated against experimental setups, demonstrating a maximum deviation error of 13% and an average accuracy exceeding 91%. The model\u27s effectiveness is further assessed by applying it to real-world wind speed profiles from three selected wind farms in Egypt. The model accurately predicts lift and drag coefficients not only below 10 m/s but also at an AoA of 10°. © 2023, The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature
Copyright and shared networking technologies
No full textPhDThe technological zeitgeist has transformed the social-cultural, legal and commercial aspects of society today. Networking technologies comprise one of the most influential factors in this. Although this transformation can be discounted as a mere historical phenomenon dating back to the advent of the printing press, empirical data concerning usage of these technologies shows that there has been a radical shift in the ability to control the dissemination of copyright works. Networking technologies allow, in an unprecedented manner, user-initiated activities including perfect replications, instantaneous dissemination, and abundant storage. They are immune to technological attempts to dismantle them, and impervious to legal attempts to control and harness them. They affect a global audience, which in turn, undermine at negligible costs, the legal and business parameters of copyright owners.
The problem is whether it will now be possible to establish a copyright framework which balances the interests of the following groups: (a) copyright owners in their control of the dissemination of their works; (b) authors demanding remuneration for the exploitation of their works; (c) users wishing to consume works with clear immunity guidelines using networked technologies; (d) technologists striving to continuously innovate without legal and policy restrictions.
Copyright law is not a mechanism for preserving the status quo or a particular business model. It is, as suggested above, a reflection of the needs and interests of authors, copyright owners, entertainment industries, users and technologists. This thesis examines whether the balance between these actors can be achieved and, if so, how it can be implemented within international, regional and national copyright laws. It finds that a balance can be struck; but that this balance should be aligned along three key concepts: user integrity; technological innovation; and authors‘ and owners‘ remuneration. The proposal is that the optimal method for achieving this triptych is the introduction and global implementation of a reasonable and unobtrusive system of remuneration
Intellectual property law and e-commerce in Sri-Lanka: towards a jurisprudence based on constitution, Roman-Dutch law and Buddhist principle
No full textPhDModem developments in technology, connnerce and the cultural industries pose
problems for intellectual property in Sri Lanka, as everywhere. Case law may be used for
judicial guidance but there are comparatively few reported cases from the Sri Lankan
courts. By examining Sri Lanka's juridical history and Constitution, together with
constitutionally recognised Buddhist principles, it is possible to suggest further sources
of guidance for judges. Using the proposed framework, it may be possible for the judges
to apply existing law to new situations and avoid the need for constant legislative change
in an attempt to keep up with developments and comply with Sri Lanka's international
obligations.
The extent to which such guidance may be useful is explored by looking at specific
issues, which have caused difficulty in other jurisdictions. It is hoped that the proposed
techniques could be used to build up a body of Sri Lankan jurisprudence. Ms may prove
more stable and effective than incremental legislation.
'Status juris - 'Mis study (unless otherwise stated) based on material available as at
0 1.12.2004 and the law in force on that date
