Introducing Enterprise Risk Management Into the University Classroom: A Case Study

This article reports on the challenges faced when enterprise risk management courses (commonly studied by practitioners after several years of actuarial practice) were introduced into a postgraduate coursework degree, and taught concurrently with Actuarial Control Cycle (Part II) units. A small sample of students were interviewed, and the information gleaned from these interviews combined with the reflections provided by teaching staff is used to argue that although not problem‐free, the overall gain to students makes the project worthwhile. Assessment structure and use of class time in particular are examined as key features of the class, and potential improvements are suggested.     

Identifying informed traders in futures markets

We use daily positions of futures market participants to identify informed traders. These data contain 8,921 unique traders. We identify between 94 and 230 traders as overnight informed and 91 as intraday informed with little overlap. Floor brokers/traders are over-represented in the overnight informed group. The intraday informed group is dominated by managed money traders/hedge funds and swap dealers, with commercial hedgers under-represented. We find that characteristics such as experience, position size, trading activity, and type of positions held offer significant predictive power for who is informed. An analysis of daily trader profits confirms that we select highly profitable traders.     

Uncertainty avoidance,risk tolerance and corporate takeover decisions

In this paper, we examine the role of national culture in corporate takeover decisions, by arguing that managerial risk tolerance (a combination of risk aversion and risk perception), at the national level, is a cultural trait and affects the expected net synergies CEOs require. We propose a theoretical framework that links CEO risk tolerance to the expected net synergies. We empirically show that CEOs of firms located in countries with lower levels of risk tolerance, measured by Hofstede’s (1980, 2001) uncertainty avoidance score, require higher premiums on takeovers, and show that uncertainty avoidance plays a greater role in relatively large takeovers. Additional testing reveals that CEOs from high uncertainty avoiding nations engage less in cross-border/cross-industry takeovers, suggesting that uncertainty avoidance captures more the CEO’s risk perception than his/her risk aversion.     

Workplace risks and stressors as predictors of burnout: The moderating impact of job control and team efficacy

Air medical healthcare (AMH) professionals care for critically-ill individuals while conveying them to healthcare centres from distant, and frequently dangerous, locations. AMH professionals experience additional health and safety issues beyond the “typical” stressors faced by other healthcare professionals. Therefore, we integrated the safety and psychosocial health literatures to examine the relationship between workplace stressors (risk perception, worries, and patient-care barriers) and two components of burnout (emotional exhaustion; depersonalization), and the moderating impact of job control and team efficacy for 106 Canadian AMH professionals. Worries over medical hassles and barriers to patient care uniquely predicted emotional exhaustion. Lack of perceived control over one's job was related to exhaustion and depersonalization after controlling for stressors. Job control and team efficacy buffered some of the stressor-burnout relationships. Copyright © 2009 ASAC. Published by John Wiley & Sons, Ltd.     

“聚合”人气与“裂变”反应——百事可乐与网易合作“百万祝福大放送”春节营销活动

“新年了,祝你百事可乐!”每年春节,人们相互间都会转发类似的祝福,在祝福的传递间渲染着节日的喜庆。春节,正是百事可乐历年来品牌推广的重点排期,也是营销活动大放异彩的重要时刻。     

奢侈品营销，从网上开始——Dior借力网易全方位推广DiorSnow新品

女人爱钻戒,因为它的纯洁和璀璨还有什么比钻石更具诱惑力也许只有比钻石更闪耀的无瑕肌肤肌肤如雪,吹弹可破女人一生永恒的追求征服女人,从网上开始奢侈品,从小众向大众过渡提及奢侈品,很多女人会想到Dior。Dior是一个历史悠久,长期屹立于世界时尚舞台前沿的品牌。     

Narcissistic rhetoric and crowdfunding performance: A social role theory perspective

Drawing from clinical and organizational narcissism research, we develop a novel measure of narcissistic rhetoric, investigating its prevalence in a sample of 1863 crowdfunding campaigns. An experiment using 1800 observations further validates our measure and confirms our hypothesized inverted-U relationship between narcissistic rhetoric and crowdfunding performance. Leveraging social role theory, we explore sex, sexual orientation, and race as potential moderators of this relationship. Moderation tests reveal LGBTQ entrepreneurs generally yield greater performance when using narcissistic rhetoric than heterosexuals while racial minorities underperform Caucasians using narcissistic rhetoric. Our findings suggest successful crowdfunding campaigns must balance narcissistic rhetoric with entrepreneurs' perceived social roles.     

Cryptojacking injection: A paradigm shift to cryptocurrency-based web-centric internet attacks

Crypto-mining attacks have emerged as a new generation of web-based attacks which have seen cybercriminals eschew the infamous crypto ransomware. The watering hole attack vector has by far been the most widely employed attack methodology but it faces the task of luring the victim to the infected web resources. However, cryptojacking injection presents a paradigm shift to web-based crypto-mining attacks in that it eliminates the need for a pivotal third-party such as the exploitable web server. Thus, instead of attacking credit card and other private information of e-commerce users, attackers seek to maliciously abuse a victim’s CPU to generate cryptocurrency. In this paper, we investigate and evaluate cryptojacking injection – a state-of-the-art web-centric attack vector in the crypto-mining attacks landscape. We formulate an attack model based on finite state machines which depicts the various breaches of confidentiality, integrity and availability in the web system as the attack progresses. We show how this new attack vector attacks some of the core components of e-commerce (URL, HTTP and HTML) to generate Monero crypto currency from benign web users. We evaluate our modeling approach with a series of experiments with two attack scenarios using different operating systems. Results show that the attack is indeed cross-platform and feasible on any operating system of a browser-capable device. We analyze the generated network traffic during the attack and draw features such as URLs and the parsed files, the associated cryptographic hashes, and the IP addresses of the crypto-mining domains. These, together with host-based features such as exhaustive CPU usage can be used as indicators of compromise and subsequently act as feed into intrusion detection systems.     

Are religious consumers more ethical and less Machiavellian? A segmentation study of Millennials

Millennial consumers are increasingly becoming important actors in business that account for sufficient purchasing power. However, Millennials are infamously narcissistic and their views of ethics are more relaxed than previous generations (i.e., Baby Boomers, Generation X). Millennials remain poorly understood in general, especially in the context of developing countries. Hence, the purpose of this study was to profile this generation by segmenting Millennials in Indonesia and investigating differences between these segments on their ethical beliefs and Machiavellianism, an important personality characteristic. This study used a convenience sample from a university in Indonesia (N = 540). The TwoStep cluster analysis produced three segments, namely, “The Religious Millennials”, “The Lukewarm Religious Millennials” and “The Least Religious Millennials”. Consumers who are highly religious are less likely to engage in various unethical behaviours. Interestingly, no significant differences were found between The Lukewarm Millennials and The Least Religious Millennials on their ethical beliefs. This research makes several research contributions. First, this study extended the Hunt–Vitell theory of ethics, where an individual (i.e., Millennials) confronts a problem perceived as having ethical content. Second, the study examined consumer ethics in the context of developing countries where religion plays a significant role in people’s daily life. Third, through understanding different segments, the results assist educators, social marketers and public policy makers in creating an effective campaign to reduce unethical behaviour among Millennials.     

Differentiated Standards and Patent Pools

We consider patent pool formation by owners of essential patents for differentiated standards that may be complements or substitutes in use. Pooling improves coordination in terms of royalty setting within a standard but provokes a strategic response from licensors in the competing standard. We characterise the incentives to form and defect from pools within standards and show how pool formation and stability depend on competition between standards. We also examine strategic patent pool formation by consortium standards and show that policies promoting compatibility of standards may increase or decrease welfare depending on the effects on the incentives to form pools.