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This study aimed to know the effect of cross-sectional risk, which comprises business-specific risk and stock market volatility, as a variable for estimating macroeconomic risk in Indonesia. This study observes public companies in Indonesia and Indonesian macroeconomic data from 2004 to 2020. In this study, the author uses term spread as the dependent variable that reflects macroeconomic risk. The cross-sectional risk comprises financial friction (FF), cash flow (CF), debt–service ratio, and stock market volatility as independent variables. By using the Autoregressive Distributed Lag (ARDL) Model method, this study shows that business-specific and stock market risk can estimate macroeconomic risk, so that it becomes an early signal of economic shock, such as recession or high inflation, in the future. The model in this study also examines the cross-sectional risk relationship with other macroeconomic indicators, such as the Consumer Confidence Index (CCI), money supply (M0), and Indonesia’s trade balance (TB).

In this chapter, we analyze and reflect on how our cultural identities and educational experiences as international students who pursued a doctoral degree in the United States affected and influenced our teaching philosophy and praxis as professors and educators. In this sense, we examine how our cultural identities and experiences help us define and shape our teaching praxis in the contexts in which we teach. We both are professors of color – Latino and Latino-Japanese – who graduated from doctoral programs in the United States. Currently, we work and serve culturally and linguistically diverse students, including first-generation students, in public higher education settings in Chile and the United States. We used a collection of narratives to delve into the significance of these events in our praxis. As theoretical lenses, we analyze these narratives using cultural identity and the reflecting teacher to examine our practices and identities as educators. We both conclude that our reflections, experiences, and cultural identities have been instrumental in the process of developing a professional identity that guides our teaching praxis in ways that are critical and social justice oriented.