Unveiling cultures in emergency response communication networks on social media: following the 2016 Louisiana floods

While culture in emergency management has gained attention from the field of risk communication, few have systemically dealt with the nuances of general culture involved in the formation and differentiation of risk communication. To fill this gap, this research aims to first examine cultural nuances from the 2016 Louisiana flood response by primarily focusing on communications embedded in social media. The results from social network analysis and content analysis highlight that the flood response communication had strong cultural characteristics, highlighting the notion that of the cultures in Louisiana—faith-based, local authority, and nonprofits—were the prominent cultural responders in the flood response communication. In particular, cultural similarity in both intra/inter group response communication was observed, with each communication group comprising actors who shared a common cultural background and spoke similar keywords.     

Stochastic frontier models with network selectivity

Worker peer-effects and managerial selection have received limited attention in the stochastic frontier analysis literature. We develop a parametric production function model that allows for worker peer-effects in output and worker-level inefficiency that is correlated with a manager’s selection of worker teams. The model is the usual “composed error” specification of the stochastic frontier model, but we allow for managerial selectivity (endogeneity) that works through the worker-level inefficiency term. The new specification captures both worker-level inefficiency and the manager’s ability to efficiently select teams to produce output. As the correlation between the manager’s selection equation and worker inefficiency goes to zero, our parametric model reduces to the normal-exponential stochastic frontier model of Aigner et al. (1977) with peer-effects. A comprehensive application to the NBA is provided.     

Self‐Reported vs. Market Estimated House Values: Are Homeowners Misinformed or Are They Purposely Misreporting?

Extant research finds significant gaps between a homeowner's self‐reported house value and market estimates, and that the gap is largest for underwater homeowners. Prior studies, however, have largely overlooked the possibility that homeowners’ self‐reported house value may be more accurate due to private information. Previous research has also neglected the possibility that there could be discordance between what homeowners know and what they report as their house value. Using the Panel Study of Income Dynamics, this study examines how the choices of households reveal their knowledge of the true home value. In so doing, we find that that post move housing choices reveal that market estimates are accurate assessments of the housing value. Further, we find evidence that these underwater homeowners are aware of the actual house value, but are reporting them incorrectly. The results show that misreporting underwater homeowners are as likely to be late on their mortgage payments as homeowners that are reporting negative equity. Underwater homeowners’ reluctance to admit their losses accords with the theory of loss aversion.     

A multilevel factor model: Identification,asymptotic theory and applications

This paper studies a multilevel factor model with global and country factors. The global factors affect all individuals, whereas the country factors affect only those within each specific country. A sequential procedure to identify the global and country factors separately is proposed. In the initial step, the global factors are estimated by canonical correlation analysis. Using this initial estimator, the principal component estimators (PCEs) of the global and country factors are constructed. It is shown that the PCEs estimate the spaces of the global and country factors consistently and are normally distributed in the limit. Several information criteria that can estimate the number of country factors are proposed. The number of global factors is assumed to be known. Extensive simulation results demonstrate that the sequential procedure and information criteria work well in finite samples. The method of this paper is applied to 25 OECD countries to identify an international business cycle. It is reported that the method extracts a global factor reasonably well.     

Do fluctuations in crude oil prices have symmetric or asymmetric effects on the real exchange rate? Empirical evidence from Indonesia

Current research on the oil price impacts on exchange rates typically relies on the assumption that fluctuations in crude oil prices have symmetric impacts on a country's real exchange rate. Thus, the contribution of the paper is to use the non‐linear autoregressive distributed lag (ARDL) method of Shin, Yu, and Greenwood‐Nimmo (2014) and examine whether crude oil prices are asymmetrically passed on to the real exchange rate in the case of Indonesia. We uncover that oil price changes indeed asymmetrically affect the Indonesian rupiah in both the long and short run; i.e., the movement in the Indonesian rupiah appears to be more responsive to rising oil prices than to declining oil prices.     

STOCK MARKET CONSEQUENCES OF POLITICAL VIBRANCY

We define areas with strong geographic ties to powerful politicians as politically vibrant and show that they are characterized by greater value-relevant information generation and symptomatic of equity market segmentation. Political vibrancy entails greater levels of local bias and local comovement and has two important return predictability implications. First, it enhances local institutions’ informational advantages; their trades’ ability to forecast local stock returns exceeds that of nonlocal institutions. Second, in support of the view that information diffuses slowly into prices, stock returns of firms from politically vibrant areas predict returns of similar firms in other areas.     

Exchange Rates and Economic Recovery in the 1930s: An Extension to Asia

Scholars have found a positive relationship between the magnitude of currency depreciation and the extent of recovery from the Great Depression for Europe and Latin America. The relationship between currency depreciation and economic activity during the Great Depression for Asian economies has not yet been explored. This paper examines this topic using data from 13 Asian economies: China, India, Indonesia, Iran, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand, Turkey, and Vietnam. We find that Asian economies responded in a similar way to currency depreciation during the Great Depression as did European and Latin American countries.     

Investor sentiment and aggregate stock returns: the role of investor attention

Review of Quantitative Finance and Accounting - We build on the intuitive, albeit overlooked, relationship between investor attention and investor sentiment to explore the open question of the...     

Do Non‐exporting Plants Benefit from Exporting Peer Plants?*

This study examines indirect spillover effects at plant level within firms by analyzing the performance of non‐exporting plants with exporting peer plants by using Korean plant–firm matched data from 2007 to 2013. Our results show that there are no significant differences in growth between non‐exporting plants and their exporting peer plants in the same firms, whereas significant differences exist among non‐exporting plants depending on whether their peers export. This implies that exporting peer plants are important channels through which non‐exporting plants benefit within a firm.