A slightly depressing jump model: intraday volatility pattern simulation

Hawkes processes have been finding more applications in diverse areas of science, engineering and quantitative finance. In multi-frequency finance various phenomena have been observed, such as shocks, crashes, volatility clustering, turbulent flows and contagion. Hawkes processes have been proposed to model those challenging phenomena appearing across asset prices in various exchanges. The original Hawkes process is an intensity-based model for series of events with path dependence and self-exciting or mutual-exciting mechanisms. This paper introduces a slightly depressing process to model the reverse phenomenon of self-exciting mechanisms. Such a process models the decline in the intensity of jumps observed in market regimes. The proposed birth-immigration-death process captures the decline in jump intensity observed at the start of a daily trading regime while the classical immigration-birth process models an increase in jump intensity towards the close of daily trading. Each of these processes can be expressed as a special case of a simple bivariate Hawkes process.     

Gender representation and organizational size: examining opportunities for members’ involvement in membership organizations

Members are the most important stakeholders in membership organizations; their involvement can enhance organizational effectiveness, accountability, and legitimacy. Previous literature, however, has primarily explored these concepts by focusing on staff involvement or client participation. This paper examines the determinants of members’ involvement in membership organizations using cross-sectional data from Lebanese membership organizations. Primary findings suggest that members’ involvement is affected by the gender of leadership, internal fiscal capacity, and the size of the organization; small organizations, those led by women, and organizations with greater internal fiscal capacity are more likely to have greater participation by members.     

Relationships and resources: the isomorphism of nonprofit organizations’ (NPO) self-regulation

Self-regulation emerges as an option in response to government control of the institutional environment of nonprofit organizations (NPOs). While most research focuses on conceptualizing and arguing for self-regulation, this study examines self-regulation through the lens of the institutional perspective by focusing on a specific institutional domain of NPOs in Lebanon. Results indicate that a certain degree of normative isomorphism, through professionalization, has a positive impact on NPOs’ participation in self-regulation while mimetic practices do not yield the same results; coercive isomorphism is not a significant predictor. The results allude to certain implications both for management practices and for scholarly research.