Asymmetric effects of housing wealth on college enrolment

We investigate the impact of housing wealth, credit availability and financial distress on college enrolment decisions. We find that housing wealth is negatively related to enrolment in public schools and positively related to enrolment in private schools. This evidence suggests that, on average, students substituted away from private schools towards public institutions during the recent financial crisis.     

When age does not harm innovative behavior and perceptions of competence: Testing interdepartmental collaboration as a social buffer

Can older managers overcome stereotypes relating age to low competence? We integrate the literature on age and cognitive ability with research on innovation to explore whether—and if so, when—employees' age harms performance and promotability appraisals made by their supervisors. Multisource, time‐lag data from 305 project managers indicate that the negative stereotypes can be explained through decreased innovative behavior. However, older employees are not always seen as poorer performers with less potential to be promoted due to their reduced innovative behavior. Rather, interdepartmental collaboration moderates these effects. Specifically, older employees with low interdepartmental collaboration are less innovative and receive worse performance and promotability appraisals than younger employees, but the “age handicap” vanishes when older employees collaborate with members of other departments. Organizations should foster formal or informal collaboration among units to prevent negative consequences of an aging workforce.     

Dynamic response of bank-intermediated trade finance to a global liquidity shock

This paper investigates the bank-level responses of a bank-intermediated instrument of trade finance to a negative global liquidity shock in Korea. Using a factor-augmented vector autoregression approach, the results show that there exists significant heterogeneity in bank-level trade-finance responses to a global liquidity shock. In addition, we find that the source of the heterogeneity is the bank-level foreign currency liquidity condition; banks with a better foreign currency liquidity condition may dampen the negative impact of a global liquidity shock on trade-finance.     

Market impact: a systematic study of the high frequency options market

This paper deals with a fundamental subject that has seldom been addressed in recent years, that of market impact in the options market. Our analysis is based on a proprietary database of metaorders—large orders that are split into smaller pieces before being sent to the market—on one of the main Asian markets. In line with our previous work on the equity market [Said, E., Bel Hadj Ayed, A., Husson, A. and Abergel, F., Market impact: A systematic study of limit orders. Mark. Microstruct. Liq., 2018, 3(3&4), 1850008.], we propose an algorithmic approach to identify metaorders, based on some implied volatility parameters, the at the money forward volatility and at the money forward skew. In both cases, we obtain results similar to the now well-understood equity market: Square-Root Law, Fair Pricing Condition and Market Impact Dynamics.     

Exploring job crafting: Diagnosing and responding to the ways employees adjust their jobs

Recent research has developed an in-depth understanding of how workers change their jobs on their own to improve their performance and well-being, a process called job crafting. This research suggests that managers, coworkers, and organizations need a better understanding of how to manage job crafting to capitalize on its benefits and reduce costs. This article will help organizations diagnose the occurrence of job crafting, recognize the differences between goal-oriented approaches to job crafting as opposed to withdrawal-oriented avoidance job crafting, and identify the seven specific types of job crafting: work role expansion, social expansion, work role reduction, work organization, adoption, metacognition, and withdrawal. We conclude with recommendations for managers, coworkers, and organizations on how to diagnose and manage job crafting.     

Twenty-Five Years after the Fall of the Berlin Wall: An Empirical Revisit of West German Consumers' Attitudes Toward Products and Brands from Former East Germany

More than 25 years after the German reunification, data show that products/brands from the eastern regions of Germany (“Neue Länder”) still do not have significant shares in the country's western part (“Alte Länder”). To analyze potential reasons for this phenomenon, our current study replicates a previous study that investigated selected attitudes of Alte Länder consumers toward products/brands from the Neue Länder. It is shown that factors such as consumer ethnocentrism, product judgment, willingness to buy, and economic animosity continue to influence consumer behavior and as such our study offers potential explanation for the failure of Neue Länder products/brands in the western regions of Germany.     

Machine learning for financial transaction classification across companies using character-level word embeddings of text fields

An important initial step in accounting is mapping financial transfers to the corresponding accounts. We devised machine-learning-based systems that automate this process. They use word embeddings with character-level features to process transaction texts. When considering 473 companies independently, our approach achieved an average top-1 accuracy of 80.50%, outperforming baselines that exclude the transaction texts or rely on a lexical bag-of-words text representation. We extended the approach to generalizes across companies and even across different corporate sectors. After standardization of the account structures and careful feature engineering, a single classifier trained on 44 companies from 28 sectors achieved a test accuracy of more than 80%. When trained on 43 companies and tested on the remaining one, the system achieved an average performance of 64.62%. This rate increased to nearly 70% when considering only the largest sector.     

A multivariate distance nonlinear causality test based on partial distance correlation: a machine learning application to energy futures

This paper proposes a multivariate distance nonlinear causality test (MDNC) using the partial distance correlation in a time series framework. Partial distance correlation as an extension of the Brownian distance correlation calculates the distance correlation between random vectors X and Y controlling for a random vector Z. Our test can detect nonlinear lagged relationships between time series, and when integrated with machine learning methods it can improve the forecasting power. We apply our method as a feature selection procedure and combine it with the support vector machine and random forests algorithms to study the forecast of the main energy financial time series (oil, coal, and natural gas futures). It shows substantial improvement in forecasting the fuel energy time series in comparison to the classical Granger causality method in time series.     

Determinants of students’ entrepreneurial intention to compete in a fast-pitch competition

Despite the heightened popularity of entrepreneurship education, there remain open questions regarding best practices in co-curricular programs. Using the theory of planned behavior, the authors examine how students’ intention is shaped to increase the likelihood of participation in entrepreneurship co-curricular programs. To the best of the authors’ knowledge, this study is the first to examine the relation between entrepreneurial identity and entrepreneurial intention theory. They find the popular personality trait, openness, is related to ambition, which reveals the interaction between personal elements (personality/identity) and contextual elements (aspirations to success/intention), a novel finding in the literature. This further illustrates the interconnectedness between the theory of planned behavior and the entrepreneurial event model     

我国物流业转型升级研究综述

中国经济已经到了只有转型升级才能持续健康发展的关键阶段,产业转型升级在国家政策文件和研究文献中出现的词频较高。文章以我国物流业为研究对象,从现有涉及到物流业转型升级方面的文献挖掘有效信息,梳理我国物流业转型升级研究的历史脉络,从供应链与价值链、产业集群、现代科学技术应用和产业联动四个视角对现有的物流业转型升级文献进行了总结和归纳,并从物流业转型升级的动力研究、阶段性划分研究和演进规律研究三个方面指出了现有文献的研究不足和以后可能的研究方向。其中,供应链与价值链视角侧重于物流企业的纵向角度,产业集群视角侧重于物流企业的横向角度。文章对于物流企业战略设计、政府政策的制定和理论研究具有一定的参考作用。