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The study evaluates the role of institutional framework and macroeconomic instability on financial market development among emerging economies.

The study uses panel data compiled from 32 countries from the sub-region of Sub-Sahara Africa (SSA), covering the period starting from 1996 to 2019. Empirical analyses were carried out using the two-step system generalized method of moments (TS-GMM) statistical framework.

Reviewed results suggest that institutional quality, effective governance and corruption control have a significant positive impact on financial market development among economies in the sub-region. Further empirical estimates show that macroeconomic risk and macroeconomic uncertainty have significant adverse effects on financial market development. Additionally, reported empirical estimates suggest that an improved institutional framework has the potential to lessen the adverse effect of macroeconomic instability on financial market development among economies in the sub-region.

The uniqueness of this empirical inquiry compared to related studies in the present literature stems from the fact that studies employing similar empirical approaches on the subject matter for economies in the sub-region are rare. Additionally, the analysis pursued in this study employs critical variables whose impact on financial market performance in the sub-region has not been examined per our review. These variables include indexes such as macroeconomic risk and institutional quality, which are unique to this study based on their construction; these indexes are generated using a principal component analysis procedure with different underlying variables compared to what may be found in the literature.

User acceptance is a necessary precondition to implementing self-driving buses as a solution to public transport challenges. Focusing on potential users in a real-life setting, this paper aims to analyze the factors that affect their willingness to use public autonomous shuttles (PASs) as well as their word-of-mouth (WOM) intentions.

Grounded on Unified Theory of Acceptance and Use of Technology (UTAUT2), the study was carried out on a sample of 318 potential users in a real-life setting. The hypothesized relationships were tested using partial least squares structural equation modeling (PLS-SEM).

The study reveals that performance expectancy, facilitating conditions, hedonic motivation and trust are significant predictors of PAS usage intention, which is, in turn, related to WOM communication. Additionally, the factors that impact the intention to use a PAS are found to exert an indirect effect on WOM, mediated by usage intention.

This study includes practical insights for transport decision-makers on PAS service design, marketing campaigns and WOM monitoring.

While extant research focuses on passengers who have tried autonomous shuttles in experimental settings, this article adopts the perspective of potential users who have no previous experience with these vehicles and identifies the link between usage intention and WOM communication in a real-life traffic environment.

若要引入自動駕駛巴士來解決公共交通的問題和挑戰,一個必不可少的先決條件是得到用戶的認可。本研究透過重點分析活在真實生活環境中的潛在用戶,來探討影響他們使用公共自動交通工具的意願和口碑動機的各個因素。

本研究以延伸整合型科技接受模式為基礎,對一個涵蓋處身於真實生活環境中318名潛在用戶的樣本進行分析和探討。研究人員以偏最小平方法的結構方程模型 (PLS-SEM), 去測試各個被假設的關聯。

研究結果顯示,績效期望、有利條件、享樂動機和信任均明顯能夠預測人們使用公共自動交通工具的意願,而人們使用公共自動交通工具的意願又反過來與口碑溝通有所相關。另外,研究人員發現,影響人們使用公共自動交通工具意願的各個因素,對口碑會產生間接的影響,而使用意願是會起著調節作用的。

現存的學術研究均聚焦分析那些曾於實驗設置下坐過自動交通工具的人士,而本研究卻採用從未坐過自動交通工具人士的角度來進行分析與探討,並且找出了於實際的交通環境裡、使用意願與口碑溝通之間的關聯。

本研究提供的啟示,對有關公共自動交通工具服務設計、市場營銷活動和口碑監督工作的運輸決策者來說頗具實務意義。

The purpose of this study is to extend the Fraud Diamond Theory to celebrity Special Purpose Acquisition Companies (SPACs) and investigate their post-Initial Public Offering (IPO) stock market performance.

After obtaining a sample of celebrity SPACs from the Spacresearch.com database, fraud risk characteristics were obtained from Lexis Nexus searches. Buy and hold abnormal returns were calculated for celebrity SPACs versus a small-cap equity benchmark for time intervals after IPO, and multiple regression analysis was performed to examine the relationship between fraud risk features and post-IPO returns.

Celebrity SPACs exhibit Fraud Diamond characteristics and significantly underperform a small-cap stock portfolio on a risk-adjusted basis after IPO.

This study only examines celebrity SPACs that conducted IPOs on the NYSE and NASDAQ/AMEX and does not include those that are traded on the Over the Counter Bulletin Board (OTCBB).

Celebrity endorsement of SPAC vehicles attracts investors who may not be properly informed regarding the risk characteristics of SPACs. Accordingly, investors should be warned that celebrity SPACs underperform a small-cap equity portfolio and exhibit significant elements of fraud risk.

The use of celebrity endorsement as a marketing device to attract investment in SPACs has regulatory implications.

To the best of the authors’ knowledge, this paper is the first to examine the fraud risk characteristics and post-IPO performance of celebrity SPACs.

The purpose of this paper is to investigate the ending of fee-free higher education in Australia for overseas students in the 1980s, and the ways in which the government managed the diplomatic relationships that were affected by this policy shift. The introduction of fee-free higher education in Australia in 1974 was incredibly popular, and the end of the program in the late 1980s created difficulties for individuals, families and diplomatic relationships.

Using a mix of secondary sources and archival documents, this paper has a historiographical element, and an element of analysis.

This research finds that the ending of fee-free education created significant diplomatic issues with a number of Australia’s regional neighbours. It also created issues for individual students and families. The solution to these problems was, in large part, a scholarship scheme called the Equity and Merit Scholarship Scheme (EMSS). The EMSS was designed, in part, to address the issues created by the end of the fee-free program. However, the design of the scholarship scheme also created its own diplomatic issues with a different cohort of nation states.

There is limited scholarly research into the history of international education policy in Australia. This research draws on the work of some scholars of international scholarships, as well as historians of universities and education more broadly. This research adds to a growing body of work in the field of Australian international education history.