The relationship between the playfulness climate in the classroom and student creativity

The main purpose of this study was to determine whether the spontaneous playfulness that occurs in the classroom and contributes the class climate influences the creativity of students. The study found that the management and creation of fun-loving and happy class atmosphere was important to vocational high school students. Data collected to test the study hypothesis showed a positive correlation between the class climate related to playfulness and students’ graphic and linguistic creativity. The “cooperation and intimacy” feature of the class climate was able to directly predict student creativity.     

Convergence to market efficiency of top gainers

This study investigates the convergence process toward efficiency of daily top gainers. The convergence process toward efficiency is much clearer as a result of using a GARCH(1, 1) model compared to the OLS model, and exhibits a monotonic decline as the time interval increases. The relationship between volatility and order imbalances is, however, not strong enough, suggesting that market makers do have the capability to reduce price volatility. This study develops an imbalance-based trading strategy, which earns a positive profit but fails to outperform the buy-and-hold strategy (i.e., open-to-close returns). A nested causality approach, which examines the dynamic return–order imbalance relationship during the price-formation process, confirms the results.     

The affine styled-facts price dynamics for the natural gas: evidence from daily returns and option prices

This study analyzes affine styled-facts price dynamics of Henry Hub natural gas price by incorporating the price features of jump risk, and seasonality within stochastic volatility framework. Affine styled-facts dynamics has the advantage of being able to incorporate mean reversion (MR), stochastic volatility (SV), seasonality trends (S), and jump diffusion (J) in a standardized inclusive framework. Our main finding is that models that incorporate jumps significantly improve overall out-of-sample option pricing performance. The combined MRSVJS model provides the best fit of both daily gas price returns and the related cross section of option prices. Incorporating seasonal effects tend to provide more stable pricing ability, especially for the long-term option contracts.     

Resources as dual sources of advantage: Implications for valuing entrepreneurial‐firm patents

Why and how do resources provide sources of competitive advantage? This study sheds new light on this central question of resource‐based theory by allowing a single resource—entrepreneurial‐firm patents—to play distinctive roles in different competitive arenas. As rights to exclude others, patents serve a well‐known role as legal safeguards in product markets. As quality signals, patents also could improve access and the terms of trade in factor input markets. Based on the financing activities of 370 venture‐backed semiconductor start‐ups, we provide new evidence that patents confer dual advantages in strategic factor markets, improved access and terms of trade, above and beyond their added product‐market protection. The study has important implications for empirical tests of resource‐based theory and the measurement of resource value. Copyright © 2013 John Wiley & Sons, Ltd.     

Does voluntary balance sheet disclosure mitigate post-earnings-announcement drift?

Theory suggests that balance sheet information such as total assets, total equity, or total liabilities complements earnings information in helping investors assess a firm’s profitability and estimate earnings growth. The voluntary disclosure of balance sheet information at earnings announcement could help investors gather and process this information at a lower cost. We therefore predict that voluntary balance sheet disclosure at the time of an earnings announcement helps investors promptly understand the implication of current earnings news for future earnings and subsequently reduces post-earnings-announcement drift (PEAD). Consistent with these predictions, our results show that when firms provide voluntary balance sheet disclosures, the earnings response coefficient in the event window is significantly higher and the corresponding PEAD is significantly lower. We further find that the impact of voluntary balance sheet disclosure on PEAD is more pronounced when the magnitude of balance sheet value surprise is larger, when balance sheet value is more informative about future earnings, when earnings uncertainty is higher, or when information cost is higher, consistent with our conjectures that helping investors to better understand future earnings performance and lowering information costs are key mechanisms underlying the effect of voluntary balance sheet disclosure on PEAD.     

Innovate to Survive: The Effect of Technology Competition on Corporate Bankruptcy

This paper establishes a strong relation between technology competition and corporate bankruptcy. Using detailed firm‐level patent data, we show that: 1) the capability of firms to innovate predicts future bankruptcies better than the typical measures such as Z‐score and credit rating, 2) technology‐related bankruptcies are less sensitive to the business cycle and industry success, and 3) firms that go bankrupt as a result of technology competition experience larger declines in earnings and stock prices.     

Developing physics concepts through hands-on problem solving: a perspective on a technological project design

In a contest featuring hands-on projects, college students were required to design a simple crawling worm using planning, self-monitoring and self-evaluation processes to solve contradictive problems. To enhance the efficiency of problem solving, one needs to practice meta-cognition based on an application of related scientific concepts. The objective of this study, then, was to analyze the physics concepts employed by the students as they completed a hands-on project named “Crawling Worm,” during which they had to overcome problems encountered by the requirements of their design as well as those brought on by competition. Based on the analysis of the participants’ working portfolios and on reviews and interviews by engineering professors, the results of this study show that the crawling worm design competition encouraged the practice of problem solving, and it facilitated the learning of physics concepts such as friction, torque, four bar link, material properties, and so on.     

Do EHR investments lead to lower staffing levels?

A study used FTE employees per adjusted occupied bed (FTE/AOB) as a measure to ascertain the effect of EHR investments on labor productivity. The study focused on three primary questions: Do FTE/AOB decline as the number of EHR applications used in a hospital increases? Is impact on FTE/AOB greater with some EHR applications than with others? Do FTE/AOB decline overtime, as the hospital continues to use the EHR application?