Does Homeownership Prolong the Duration of Unemployment?

We examine the effects of homeownership on individuals' unemployment durations. An unemployment spell can terminate with a job or with nonparticipation. The endogeneity of homeownership is addressed by estimating a full maximum likelihood function jointly modeling the competing hazards and the probability of being a homeowner. Unobserved factors contributing to the probability of being a homeowner are allowed to be correlated with unobservable heterogeneity in the hazard rates. Not controlling for ownership selection, there is neither a significant difference in the job‐finding hazard nor in the nonparticipation hazard of unemployed owners and renters. If we jointly model the ownership selection, we find that unemployed homeowners are more likely to find a job than renters.     

An explicit partial‐equilibrium model to justify the Generalized Marshall‐Lerner condition (GML)

Robinson's derivation of the Marshall‐Lerner condition (ML) is more general in that she considers a situation where initially the trade balance is not in equilibrium with the incorporation of the supply curves of exporters. This paper examines a partial equilibrium analysis of a country's imports and exports markets within a theoretical model which considers both the demand and supply sides in these two internationally traded‐goods markets. The aim here is to show explicitly how the Generalized Marshall‐Lerner condition (GML) of Robinson can be obtained. We examined the two effects of the nominal depreciation of the domestic currency on the trade balance: the volume effect and the value effect and how they counterbalance each other. We found that the standard Marshall‐Lerner condition (ML) was not sufficient when the trade balance was initially in deficit and it was also not necessary if the trade balance showed an initial surplus. Moreover, this study provides a new interpretation for Robinson’ sufficiency condition where the trade balance must improve following a nominal depreciation of domestic currency when the elasticity of foreign demand exceeds the ratio of imports to exports. This paper also examines the situation of a small open economy which could not influence the world prices where the foreign demand for exports and the foreign supply of exports are infinitely large. Finally, there is a discussion on two policy implications for exchange rate regulation: the amount of devaluation that is necessary to improve a given trade imbalance as a governments intervention and additional support for the slow improvement of the trade balance in the short run after a devaluation policy known as the J‐Curve effect.     

Technology-assisted tolerance education at elementary schools within the framework of inspector qualifications

The importance of tolerance is being seen as an essential virtue in contemporary societies and in this paper Cyprus sample was chosen as regards tolerance education. The two peoples of Cyprus with different language and religion but the same culture (Turkish Cypriots and Greek Cypriots) thought that only politics could solve the deadlock after the 1974 war and the fact that the two peoples could be converged with education, especially tolerance education, was ignored. In this paper the intention is to approach tolerance education especially on the basis of education management for which reason inspectors are chosen as the study group. It was based on the execution of tolerance education with contemporary teaching approaches, especially in a technology-assisted manner. As a result, the research question was determined as “what is the status of technology-assisted tolerance education in elementary schools in Cyprus within the framework of inspector qualifications?” This is a qualitative research based on case study model. Participants of the study were chosen on a purposive-sampling and convenience-sampling basis. Thus, the sampling of the research consists of 20 educators (inspector, school manager, teacher and scholar) in Northern and Southern Cyprus in 2016–2017 spring semester. Ten of the educators were chosen from Northern Cyprus and the other 10 were chosen from Southern Cyprus. Data collection method used in this paper is “semi-structured interview” technique. Content analysis technique was used in the examination of the data collected in this research. A closer look at the research findings show that the opinions as regards usage of technology in tolerance education in elementary school are as follows: “preparation and usage of different materials in tolerance education”, “usage of positive examples of technology-assisted tolerance education outside Cyprus” and “including both technology and tolerance in every step of education programs”. When different opinions are taken into consideration, Greek Cypriots stated that awareness should be raised in children in environments without tolerance with technology-assisted education. Turkish Cypriots, on the other hand, emphasized that all stakeholders in education should have a technology-friend educator identity and in order to offer tolerance education their level of tolerance should be high in the first place.

     

The place attachment experience regarding the disabled people: the typology of coffee shops

This study inquires the possible creation of a sense of a place in coffee houses for the disabled people as public places. The physical characteristics of a space are the main factors allowing all people including the disabled ones as well to perceive that place properly and within the “person, place and interaction process” framework. The place attachment, which can be defined as the main emotional bond between space and the users, is heavily influenced by the individualistic experiences and reactions whether they are ordinary or differently abled. In order to initiate a place attachment, spaces should be designed in a way that they respect the occupant’s perception, feelings, memories, senses and their physical abilities to enable them to develop a sense of belonging and ownership. Therefore, creating designs which foster people’s construction process of sense of a place that comprises the concept of identity and sense of belonging, is among the essential issues for realizing place attachment in architecture and design of public spaces. In our contemporary world, there are settings that possess these qualities; contrariwise there are more architectural and urban spaces which ignore these qualities and their benefits for people, especially for the disabled ones. Relatedly, a building should offer people enough information for perceiving it and with its physical features should also support the experiences that occur in it. There is a strong link between memorable events and the space where those events occur. An environment which provides outstanding and meaningful ambiance by its architectural characteristics can establish a sense of a place. Disabled people often have less opportunities to experience the spaces properly compared to others because their limitations are not taken into consideration when designing the public spaces. Therefore, the design process of public spaces should involve the basic needs of disabled people. In order to propose a typology for traditional coffee houses, this research aims to define and discuss the place attachment experience of disabled people in public spaces. The study begins with an overview of identifying different types of disabilities and special needs, and an introductory discussion of how space attachment can help to meet those needs. Therefore, the physical, social and typological aspects of traditional coffee houses were evaluated in terms of location, space organization and functions by considering the profiles of disabled users. Methodologically, this is a case study, which has a mixed research design including qualitative and quantitative research instruments.     

Systematic Risk in Conventional and Islamic Equity Markets

We aim to compare the systematic risk in conventional and Islamic equity markets by introducing two dynamic risk measures. Accordingly, the level of the systematic risk in conventional markets is slightly higher than the risk in Islamic markets for most of the time. However, this difference is significant in less than 3% of the sample period. More importantly, there is no significant difference in the levels of systematic risk during the global financial crisis of 2008, suggesting that Islamic equities are not able to provide a lower market risk compared with their conventional counterparts in financial turbulent times.     

Implementation of market orientation in the subsidiaries of global companies: the role of institutional factors

Drawing upon the market orientation literature and institutional theory, this study examines the factors that affect the implementation of market orientation in the subsidiaries of global companies, using data gathered from multiple informants and multiple sources in 79 subsidiaries located in 45 countries. Findings indicate that the market orientation of subsidiaries is positively related to the legal institutions, local competition in the host country market, and the market orientation of headquarters. The findings also indicate that the headquarters’ market orientation has more pronounced effects on the implementation of market orientation for subsidiaries that strongly identify with headquarters. Moreover, the study demonstrates that cultural distance between home and host countries of the subsidiary strengthens the positive effects of competitive intensity on market orientation implementation. As such, this research addresses an important concern among researchers and managers that is related to how to increase the market orientation and, thereby, the performance of their subsidiaries located in foreign countries.     

Overreaction diamonds: precursors and aftershocks for significant price changes

Overreactions and other behavioral effects in stock prices can best be examined by adjusting for the changes in fundamentals. We perform this by subtracting the relative price changes in the net asset value (NAV) from that of market price (MP) daily for 134 406 data points of closed-end funds trading in US markets. We examine the days before and after a significant rise or fall in price deviation and MP return and find evidence of overreaction in the days after the change. Prior to a spike in deviation we find a gradual two- or three-day decline (and analogously in the other direction). Overall, there is a characteristic diamond pattern, revealing a symmetry in deviations before and after the significant change. Much of the statistical significance and the patterns disappear when the subtraction of NAV return is eliminated, suggesting that the frequent changes in fundamentals mask behavioral effects. A second study subdivides the data depending on whether the NAV or market price is responsible for the spike in the relative difference. In a majority of spikes, it is the change in market price rather than NAV that is dominant. Among those spikes for which there is little or no change in NAV, the results are similar to the overall study. Furthermore, the upward spikes are preceded by one or two days of declining market price while NAV rises slightly or is relatively unchanged. This suggests that a cause of the spike may be due to over-positioning of traders in the opposite direction in anticipation.     

Statistical arbitrage in the Black–Scholes framework

In this study, we prove the existence of statistical arbitrage opportunities in the Black–Scholes framework by considering trading strategies that consist of borrowing at the risk-free rate and taking a long position in the stock until it hits a deterministic barrier level. We derive analytical formulas for the expected value, variance and probability of loss for the discounted cumulative trading profits. The statistical arbitrage condition is derived in the Black–Scholes framework, which imposes a constraint on the Sharpe ratio of the stock. Furthermore, we verify our theoretical results via extensive Monte Carlo simulations.     

Destination Choice: An Important - Satisfaction Analysis

In the last decade under the effects of globalization, all destinations have had experienced significant changes under different national and/or international pressures. This is especially the case for developing countries like Turkey. With cultural, economic and social aspects in the tourism sphere, countries are competing with each other by emphasizing their differences. This research examines the perceptions of tourists in the Antalya Region of Turkey in terms of importance and satisfaction. The sample consisted of 645 tourists who came to Antalya in 2001. This research presents valuable information to the tourism sector about tourist preferences through its use of importance-satisfaction analysis.