The purpose of this paper is twofold: to develop the college-attendance value scale (CAVS) in the Taiwan context to understand undergraduates’ reasons for or benefits from…
The purpose of this paper is twofold: to develop the college-attendance value scale (CAVS) in the Taiwan context to understand undergraduates’ reasons for or benefits from college education, and to examine how the value relates to additional motivational goals, academic performance, and expected terminal degree.
Data analyses involved sophomores (n=729) who completed a learning-experience survey that included CAVS of the personal value and collective value subscales, expected terminal degree, Achievement Goal Questionnaire, and cumulative grade point average (CGPA). Construct validity evidence was substantiated by the results of exploratory factor analysis (n=364) for two-factor identification, and by the results of confirmatory factor analysis (n=365) for a good model-ﬁt.
The interrelations between variables in regression analysis supported the predictive validity; achievement goals were predictors of CGPA, while personal value was a sole predictor of expected terminal degree. Findings suggest that CAVS is a predictive measure for Taiwanese undergraduates’ academic performance and choices.
In terms of policy implications, college students’ values of college attendance should not only be regularly investigated by institutional research, but should be widely applied by university students, educators and administrators to facilitate the optimal learning development for each undergraduate.
The study develops a short but effective scale of college-attendance value for the Taiwanese students who usually attend college after graduating from high school. The CAVS is useful in manifesting the students’ major reasons for pursuing college education.
This study empirically investigates the difference in employment status between marriage immigrants and native women in Taiwan based on a combined dataset from the 2003 Survey of Foreign and Mainland Spouses’ Life Status and 2003 Women’s Marriage, Fertility and Employment Survey. The conceptual framework is based on the family labor supply model, the human and social capital theories, and the immigrant assimilation theory. From the Probit model of the employment probability, our findings indicate that family background variables, including the presence of small children and husbands’ characteristics, play fairly significant roles in determining the employment probability of marriage immigrants. As for native women, human capital variables such as schooling and age are the most significant factors affecting their employment probability, while husbands’ characteristics play a less important role in this respect. The finding that the employment probability of foreign spouses rises rapidly with the number of years that have elapsed since migration may confirm the employment assimilation for marriage immigrants. This study further applies the nonlinear decomposition analysis developed in the work of Yun (2004) to examine the gap in employment probability between native women and foreign spouses in Taiwan. Our findings show that the employment probability differentials are mostly due to the difference in coefficients and that the effects of the two age variables play dominant roles. The difference in coefficients, in sum, contributes to increasing the gap of employment probability, while the difference in characteristics, in sum, tends to reduce the employment probability differentials.
Using data from a top-five global executive placement firm, the authors explore how an organization's financial misconduct may affect pay for former employees not…
Using data from a top-five global executive placement firm, the authors explore how an organization's financial misconduct may affect pay for former employees not implicated in wrongdoing. Drawing on stigma theory, they hypothesize that although such alumni did not participate in the financial misconduct and they had left the organization years before the misconduct, these alumni experience a compensation penalty. The stigma effect increases in relation to the job function proximity to the misconduct, recency of the misconduct, and an employee's seniority. Collectively, results suggest that the stigma of financial misconduct could reach alumni employees and need not be confined to executives and directors that oversaw the organization during the misconduct.
Previous studies show that crude oil is negatively correlated with stocks but has almost the same rate of return as stocks, and so adding crude oil into a portfolio with…
Previous studies show that crude oil is negatively correlated with stocks but has almost the same rate of return as stocks, and so adding crude oil into a portfolio with equities can provide significant diversification benefits for the portfolio. Given the diversification benefit of crude oil mixed with equities, we examine the value effect of crude oil derivatives transactions by oil and gas producers. Differing from traditional corporate risk management literature, this study examines corporate derivatives transactions from the shareholders' diversification perspective. The results show that crude oil derivatives transactions by oil and gas producers do impact value. If oil and gas producing companies stop shorting crude oil derivatives contracts, company stock prices increase significantly. In contrast, if oil and gas producing companies initiate short positions in crude oil derivatives contracts, stock prices tend to drop (still significant, but less so). Thus, hedging by producers is not necessarily good. Transaction limitation is shown to be one of the possible sources of the value effect of corporate derivatives transactions.
When a stock is added into the S&P 500 Index, it in effect becomes cross-listed in the Index derivative markets. When index-based trading strategies such as index…
When a stock is added into the S&P 500 Index, it in effect becomes cross-listed in the Index derivative markets. When index-based trading strategies such as index arbitrage are executed, the component stocks are directly affected by such trading. We find increased volatility of daily returns, plus increased trading volume for the underlying stocks. Utilizing a list of S&P 500 Index composition changes over the period September 1976 to December 2005, we study the market-adjusted volume turnover and return variance of the stocks added to and deleted from the Index. The results indicate that after the introduction of the S&P 500 Index futures and options contracts, stocks added to the S&P 500 experience statistically significant increase in both trading volume and return volatility. Both daily and monthly return variances increase following index inclusion. When stocks are removed from the index, though, neither volatility of returns nor trading volume experiences any significant change. So, we have new evidence showing that Index inclusion changes a firm's return volatility, and supporting the destabilization hypothesis.
We examine market response to changes in the annual “Dogs of the Dow” (DOD) portfolio. Specifically, we explore stock prices and trading volumes of the Dow stocks that are…
We examine market response to changes in the annual “Dogs of the Dow” (DOD) portfolio. Specifically, we explore stock prices and trading volumes of the Dow stocks that are newly included into or excluded from the DOD portfolio. Although the historical performance of this popular dividend-driven investment strategy is subject to debate, our study focuses on investigating Harris and Gurel’s (1986) “noninformation-motivated demand shifts” in the sample of DOD additions and deletions. Utilizing standard event study methodology over the period 1996–2016, we find evidence that a Dow stock experiences a significant but temporary increase (decrease) in price when it is newly included into (excluded from) the DOD portfolio. Price reversals occur within one week of the reconstitutions. We also find that trading volumes temporarily increase following both index additions and deletions. The results support the price-pressure hypothesis as the DOD reconstitutions do not generally convey new information.
The issue of risk premium in commodity futures market has long been examined since Keynes’ (1930) normal backwardation hypothesis. We further examine the normal…
The issue of risk premium in commodity futures market has long been examined since Keynes’ (1930) normal backwardation hypothesis. We further examine the normal backwardation hypothesis in the gold futures market, using a Goldman Sachs Commodity Index (GSCI) approach. We find no evidence that risk premium exists in the gold futures market over the period 1980–2005. Finally, we provide further explanations as to why there is no risk premium in the gold futures market by investigating the actual gold futures positions taken by gold mining firms. We contend that lack of hedging activity by gold miners may explain the lack of risk premium in gold market.
The minimum wage has been regarded as an important element of public policy for reducing poverty and inequality. Increasing the minimum wage is supposed to raise earnings…
The minimum wage has been regarded as an important element of public policy for reducing poverty and inequality. Increasing the minimum wage is supposed to raise earnings for millions of low-wage workers and therefore lower earnings inequality. However, there is no consensus in the existing literature from industrialized countries regarding whether increasing the minimum wage has helped lower earnings inequality. China has recently exhibited rapid economic growth and widening earnings inequality. Since China promulgated new minimum wage regulations in 2004, the magnitude and frequency of changes in the minimum wage have been substantial, both over time and across jurisdictions. The growing importance of research on the relationship between the minimum wage and earnings inequality and its controversial nature have sparked heated debate in China, highlighting the importance of rigorous research to inform evidence-based policy making. We investigate the contribution of the minimum wage to the well-documented rise in earnings inequality in China from 2004 to 2009 by using city-level minimum wage panel data and a representative Chinese household survey, and we find that increasing the minimum wage reduces inequality – by decreasing the earnings gap between the median and the bottom decile – over the analysis period.