Do Female Mutual Fund Managers Manage Differently?

We examine the performance and investment behavior of female fixed‐income mutual fund managers compared with male fixed‐income mutual fund managers. We find that male‐ and female‐managed funds do not differ significantly in terms of performance, risk, and other fund characteristics. Our results suggest that differences in investment behavior often attributed to gender may be related to investment knowledge and wealth constraints. Despite the similarities between male and female managers, we find evidence that gender influences the decision making of mutual fund investors. We find that the net asset flows into funds managed by females are lower than for males, especially for the manager's initial year managing the fund.     

The role of current and non-current accruals in the relation between stock returns and earnings

This study examines the role of accruals in the relation between stock returns and earnings for intervals of one to four years. We argue that the roles of current and non-current accruals differ because the former turn over more frequently while the latter include long term timing differences and permanent differences. Accordingly, the roles of both categories of accruals are examined over intervals within and beyond the cycle of current accruals. The results suggest that accruals strengthen the association between stock returns and earnings and that they are more important for shorter intervals. Further, non-current accruals play a dominant role in the relation between stock returns and earnings while the effect of current accruals is negligible for all intervals examined.     

Enhancing Online Learning Through Technology: Case Study of Principles of Macroeconomics at Central Connecticut State University

International Advances in Economic Research -     

A Bayesian interpretation of the Federal Reserve's dual mandate and the Taylor Rule

When the Federal Reserve was established by the US Congress in 1913, its charter mandated that the new central bank “promote an elastic currency” and the institution was given extraordinary powers to serve as a lender of last resort to the banking system. Congress was reacting to the cycle of financial panics that had beset the country since the Civil War and had worsened with the Panic of 1907. Congress sought to find a remedy to prevent runs on banks turning into full-fledged financial crises. The term “elastic” in the opening words of the charter was intended to underscore the need for a robust banking system that could withstand shocks and not collapse upon itself. There was no mention whatsoever of a dual mandate of promoting price stability and encouraging full employment.With prodding from the US Congress, the Federal Reserve became highly involved in the management of the economy of the United States after WWII, focusing on inflation and full employment objectives. In 1993 Professor John Taylor set forth an elegant and simple framework (aka, the Taylor Rule) for analyzing the interest rate policy of the Federal Reserve in terms of its dual mandate.This paper examines Federal Reserve behavior from the mid-1950s to 2011 through the lens of the Taylor Rule. Our contribution is to use a dynamic linear model with Bayesian inference to update the evolution through time of the key parameters surrounding the inflation and full employment mandates, using only the information available to the Federal Reserve at each point in time. Our findings provide a more nuanced quantitative view than is previously available in the literature of how the Federal Reserve shifted its management of its dual mandate over time and in response to different economic challenges. Moreover, our research leads to serious questions of how Federal Reserve decision making may change in the future, following the financial panic of 2008, pointing toward numerous avenues for new research.     

What drives leverage in leveraged buyouts? An analysis of European leveraged buyouts’ capital structure

This paper examines leverage in European private equity‐led leveraged buyouts (LBOs). We use a unique, self‐constructed sample of 126 European private equity (PE)‐sponsored buyouts completed between June 2000 and June 2007. We find that determinants derived from classical capital structure theories do not explain leverage in LBOs, while they do drive leverage in a control group of comparable public firms. Rather, we document that leverage levels in LBOs are related to the prevailing conditions in the debt market. In addition, our results indicate that reputed private equity sponsors use more debt and that secondary buyouts have higher leverage levels.     

The EU Insolvency Regulation,Revisited

After 10 years of use, the EU Insolvency Regulation was assessed and recast. The changes are intended to improve its functioning as market practice has moved on, and deal with, among other things, the processes subject to the Regulation, centre of main interests, secondary proceedings, co‐operation between courts and office‐holders, groups and interlinked insolvency registers. Copyright © 2015 INSOL International and John Wiley & Sons, Ltd     

The evolving direct-to-consumer retail model: A review and research agenda

The substantial growth of e-commerce sales, driven by digital advancements, has enticed brands to sell direct-to-consumers (DTC) online. Despite the growth of the DTC online retail model in practice, academic literature remains fragmented. This systematic review is timely as it meets the need for a comprehensive understanding of the evolution of DTC over two decades of research to 2023. A SPAR-4-SLR protocol combined with a Theory–Context–Methods (TCM) approach examines the extant literature through a marketing lens. An analysis of 81 articles reveals a need for consumer behavior theories to underpin research on the DTC retail model. We conclude the review by identifying areas for further development, such as the need for research on the technology-driven balance of power between brands, retailers, and consumers. Contextually, the authors highlight research opportunities on SME brands' internationalization and the DTC online luxury experience. Methodological directions include empirical qualitative studies and experiments on the emerging topics of technology-enabled retail services and the experiential e-commerce impact on customer experience. These future research undertakings will help us to better understand the DTC retail model.     

When less is more: the impact of macro and micro social media influencers’ disclosure

ABSTRACT

There are growing discussions of social media influencers and their effectiveness in endorsing products. Further, recent policy regulations are requiring social media influencers to disclose sponsored content when using a form of native advertising. This research examined the effect of macro-influencers (high likes) and micro-influencers (low likes) and their disclosure of native advertising sponsorship on consumer evaluations of products. Results from a 2 × 2 experiment first show that consumers exposed to the micro-influencer condition report higher levels of product knowledge, and consumers exposed to the disclosure condition reported the products endorsed by social media influencers to be more attractive. The results also show that when exposed to micro-influencers who disclose, consumers have higher levels of purchase intentions than when exposed to macro-influencers who do not disclose, as well as higher purchase intentions than for posts where sponsorship is not disclosed by influencers. The important findings of this research for theory, practice and policy are discussed.     

Tourists and researcher identities: critical considerations of collisions,collaborations and confluences in Svalbard

ABSTRACT

Svalbard is an “edge-of-the-world” hot spot for environmental change, political discourse, tourism and scientific research in the Anthropocene. Drawing on ethnographic and qualitative research, I use this context to critically explore the identity-categories of “researcher” and “tourist”. Through the lens of political ecology, I draw out the uneven power relations of knowledge production that are attached to these labels and their consequences for ongoing efforts for managing sustainable tourism. By considering the experiences of tourists, researchers and “scientific tourists”, both practically and from an embodied experiential perspective, I challenge the distinctions typically made between these roles. I bring to light several common aspects, goals and experiences these practices share. In doing so, I aim to disrupt the existing hierarchies of knowledge that champion an impersonal, rational scientific approach and call for a more varied array of knowledge and practices to be taken into account when considering the future ecologies of Svalbard and the broader Arctic region.