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We propose a risk factor for idiosyncratic entropy and explore the relationship between this factor and expected stock returns.

We estimate a cross-sectional model of expected entropy that uses several common risk factors to predict idiosyncratic entropy.

We find a negative relationship between expected idiosyncratic entropy and returns. Specifically, the Carhart alpha of a low expected entropy portfolio exceeds the alpha of a high expected entropy portfolio by −2.37% per month. We also find a negative and significant price of expected idiosyncratic entropy risk using the Fama-MacBeth cross-sectional regressions. Interestingly, expected entropy helps us explain the idiosyncratic volatility puzzle that stocks with high idiosyncratic volatility earn low expected returns.

We propose a risk factor of idiosyncratic entropy and explore the relationship between this factor and expected stock returns. Interestingly, expected entropy helps us explain the idiosyncratic volatility puzzle that stocks with high idiosyncratic volatility earn low expected returns.

Workers in the United States who lose their job may benefit from temporary assistance programs and may apply for Disability Insurance (DI) and Supplemental Security Income (SSI). We measure whether participation in four temporary assistance programs (Temporary Assistance for Needy Families (TANF), Supplemental Nutrition Assistance Program (SNAP), Unemployment Insurance (UI), and Temporary Disability Insurance programs (TDI)) influence application for DI, SSI, and re-employment. We instrument temporary assistance participation using variation in policies across states and over time. Results from our instrumental variables models suggest that increased access to UI benefits reduces applications for DI. This result is robust to different sensitivity checks. We also find less robust evidence that UI participation increases the probability of return to work and reduces the probability of claiming SSI benefits. In contrast, some of our results suggest a positive effect of SNAP participation on claiming SSI.

The significant impact of innovation in stimulating economic growth cannot be overemphasized, more importantly from policy perspective. For this reason, the relationship between innovation and economic growth in developing economies such as the ones in Africa has remained topical. Yet, innovation as a concept is multi-dimensional and cannot be measured by just one single variable. With hindsight of the traditional measures of innovation in literature, we augment it with the number of scientific journals published in the region to enrich this discourse.

We focus on an approach that explores innovation policy qualitatively from various policy documents of selected countries in the region from three policy perspectives (i.e. institutional framework, financing and diffusion and interaction). We further investigate whether innovation as perceived differently is important for economic growth in 25 economies in sub-Saharan Africa over the period 1990–2016. Instrumental variable estimation of a threshold regression is used to capture the contributions of innovation as a multi-dimensional concept on economic growth, while dealing with endogeneity between the regressors and error term.

The results from both traditional panel regressions and IV panel threshold regressions show a positive relationship between innovation and economic growth, although the impact seems negligible. Institutional quality dampens innovation among low-regime economies, and the relation is persistent regardless of when the focus is on aggregate or decomposed institutional factors. The impact of innovation on economic growth in most regressions is robust to different dimensions of innovation. Yet, the coefficients of the innovation variables in the two regimes are quite dissimilar. While most countries in the region have offered financial support in the form of budgetary allocations to strengthen institutions, barriers to the design and implementation of innovation policies may be responsible for the sluggish contribution of innovation to the growth pattern of the region.

Segregating economies of Africa into two distinct regimes based on a threshold of investment in education as a share of GDP in order to understand the relationship between innovation and economic growth is quite novel. This lends credence to the fact that innovation as a multifaceted concept does not take place by chance – it is carefully planned. We have enriched the discourse of innovation and thus helped in deepening understanding on this contentious subject.

The main purpose of this paper is to increase the level of knowledge pertaining to nutritional status of preschoolers and to identify/quantifying the relative importance of various socioeconomic and environmental factors which may have significant role in determining nutritional status of preschoolers in Pakistan.

Household food availability, childcare practices, and child health status being focused as proximate determinants of child nutritional status pose problems for the simple regression analysis. An ordinary least squares (OLS) estimation of the regression with nutrition as an outcome and these three proximate variables as determinants could be biased for two reasons. First, there may be unobserved variables that are relegated to the error term but are correlated with the variables included on the right side. Second, explanatory variables may exit that are endogenous or codetermined with the outcome variable and hence are correlated with the error term. The approach to address these problems is to use instrumental variables (IV) approach. The credibility of the IV approach will rest on the ability to find variables that are correlated with the suspected endogenous explanatory variables but that do not affect the outcome variable (other than through the explanatory variable being instrumented).

The results from empirical analysis shows that factors on the maternal and household level are more important determinants of child nutritional status. Food availability, childcare practices and child health (diarrhea) are significantly related to child nutritional status. Household size has negative and significant impact on child nutritional status. Household income has an important and significant impact on child nutritional status. Childcare practices are negatively and significantly related to child nutritional status. This may suggest that as childcare practices improve, they may complement the need for other sources of improved energy for preschooler's nutritional status. The findings suggest that women's education plays a very important role in improving children's nutritional status and that the nutrition status among children depends on both better sanitary conditions and on dietary intake.

Owing to data limitation present analysis employed child calorie adequacy ratio (CCAR) as a proxy of child nutritional status. For that to estimate, commonly used measures are nutrient intake, caloric adequacy ratio and relative caloric allocation.

A key message of this research is that significant achievement could be made toward reducing malnutrition through actions in sectors that have not been the traditional focus of nutritional interventions like improved hygiene conditions.

This could be the first ever effort in describing child nutritional status with the help relative more robust analytical technique for Pakistan.

This paper seeks to explore the performance of UK hotels, in terms of various service attributes, and whether it influences customers' intention to stay again.

Data are used from online customer ratings of 664 hotels in the UK for the purpose. The approach is based on an interesting use of statistical regression reported in the literature that attempted to classify different cues in hotels as critical, satisfier, dissatisfier, etc. In this study, six prominent attributes are considered, namely: customer service, cleanliness, room quality, value for money, quality of food, and family friendliness, rated by guests, based on their experiences of staying in hotels.

The findings reveal that “Value for money” is a critical attribute, while “Customer service”, “Room quality” and “Quality of food” are dissatisfiers. Business guests, and guests of independent hotels, exhibit similar behavior, but for leisure guests, and guests of chain hotels, “Value for money” is a dissatisfier.

“Value for money” is a critical attribute, in that good performance, in terms of this attribute, is critical for positively influencing guests' intention to stay again; however, failures in terms of this attribute cannot be compensated by improving service in terms of other attributes. There are three dissatisfier attributes (“Customer service”, “Room quality”, and “Quality of food”), implying that an inadequate performance in terms of these attributes could significantly adversely impact guests' intention to stay again.

This study would appear to be the first to use the extensive data available on the internet on guest ratings of hotels.

The purpose of this paper is to test a catering theory by examining impacts of minority shareholders’ pressures on earnings management (EM), and attempt to answer: what is the role of minority shareholders participation (MSP) in corporate governance? and does MSP serve as an external monitor to managers, or does it put excessive pressure on them?

Using a novel online voting data set in China’s stock market, the author constructs the measure of MSP, and regress the EM on MSP. To address the endogeneity, the author introduces propensity score matching and difference-in-difference methods, instrumental variables, and Heckman estimation to show that the results are robust to different specifications and alternative measures.

The author documents that: MSP plays limited role in external monitoring; and firms facing high MSP levels tend to manage earnings more actively. In addition, information asymmetry, proposals’ importance, managerial incentives, and CEO financial expertise significantly affect firms’ catering behaviors.

This paper contributes to different strands of the literature. First, the finding significantly supports the catering hypothesis from a new perspective of EM. Second, the author contributes to a hotly debated issue in corporate governance: whether minority shareholders should be granted increased participation in corporate decisions? The results also provide timely empirical evidence for government regulators who are concerned about the costs and benefits of granting minority shareholders direct control over corporate decisions.

This study estimates the income elasticities of calorie, macronutrients (carbohydrate, protein and fat) and key micronutrients including cholesterol, vitamin A, vitamin C, sodium, potassium, calcium, iron, zinc and insoluble fiber separately for urban and rural adults aged 18–60, using China Health and Nutrition Survey data set from 2004 to 2011.

A semiparametric model, a two-way fixed-effects model and a quantile regression approach are employed to estimate nutrient–income elasticities.

The income elasticities of calorie, protein, fat, cholesterol and calcium are in the range of 0.059–0.076, 0.059–0.076, 0.090–0.112, 0.134–0.230, 0.183–0.344 and 0.058–0.105, respectively. The income elasticity of each of the other nutrients is less than 0.1. The income elasticities of calorie and the majority of nutrients included are larger for rural residents than for urban residents and for low-income groups than for medium- and high-income groups. Overall, in spite of having a relatively small impact, income growth is shown to still have an impact on improving the nutritional status of Chinese adults.

This study estimates nutrient–income elasticities separately for urban and rural adults, expanding the scope of the study regarding the impact of income on the nutritional status in China. Moreover, this study uses a pooled sample generated from the personal food consumption records covering foods consumed at home and away from home during 2004–2011, which is thus likely to more comprehensively reveal the causal relationship between income growth and changes in the nutritional status in China.

Ethnographic studies of cyber attacks typically aim to explain a particular profile of attackers in qualitative terms. The purpose of this paper is to formalise some of the approaches to build a Cyber Attacker Model Profile (CAMP) that can be used to characterise and predict cyber attacks.

The paper builds a model using social and economic independent or predictive variables from several eastern European countries and benchmarks indicators of cybercrime within the Australian financial services system.

The paper found a very strong link between perceived corruption and GDP in two distinct groups of countries – corruption in Russia was closely linked to the GDP of Belarus, Moldova and Russia, while corruption in Lithuania was linked to GDP in Estonia, Latvia, Lithuania and Ukraine. At the same time corruption in Russia and Ukraine were also closely linked. These results support previous research that indicates a strong link between been legitimate economy and the black economy in many countries of Eastern Europe and the Baltic states. The results of the regression analysis suggest that a highly skilled workforce which is mobile and working in an environment of high perceived corruption in the target countries is related to increases in cybercrime even within Australia. It is important to note that the data used for the dependent and independent variables were gathered over a seven year time period, which included large economic shocks such as the global financial crisis.

This is the first paper to use a modelling approach to directly show the relationship between various social, economic and demographic factors in the Baltic states and Eastern Europe, and the level of card skimming and card not present fraud in Australia.

Cases of corruption, embezzlement, theft and fraud, abuse of discretion, favoritism, nepotism, clientelism, and abuse of power in governments have led to a growing demand from society to access public information. In response to this demand, governments have been forced to be more transparent in the conduct of their activities. The information transparency index (TI) may be conditioned by economic and political characteristics of local governments affecting the information provided. What factors influenced the index of municipal transparency? Literature about transparency is largely based on the explanations of the agency theory and the legitimacy theory. Based on the postulates of both theories, the purpose of this paper is twofold. First, study the index transparency in Spanish municipalities, and, second, determine the main features that are affecting the index of transparency.

Data were collected from Transparency International Spain ranking and from official sources. Univariate and multivariate analysis are performed for the treatment of data.

The results shows that political factors like electoral turnout, political ideology, and political competition have a significant effect on the index of transparency. Gender has no significant effect on the index of transparency.

This study is a contribution to the growing body literature of transparency in order to understand what explains the variations of the TI among municipalities.

This study aims to examine the institutional investors’ preferences for internal governance mechanisms (internal audit function and audit committee effectiveness) in an emerging country like Malaysia.

A sample of 2,020 yearly firm observations in Bursa Malaysia over the period 2009-2012 is used. The two-stage least squares using instrumental variables (IV-2SLS) analysis is used to examine the relationships. To corroborate the findings of this study, a regression based on a one-year lag of the independent variables is used. Furthermore, ordinary least square regression and Generalized Method of Moments using instrumental variables (IV-GMM) are used.

Positive associations are found between the internal audit function and audit committee effectiveness and the institutional ownership.

These findings imply that institutional investors gravitate to firms that have high investment in internal audit function and effective audit committee. These findings are consistent with the conjecture that institutional investors try to minimize monitoring and exit costs and meet their fiduciary responsibility by investing in better internal audit firms.

This study offers insights to policymakers interested in enhancing internal governance mechanisms to attract institutional investors.

Limited empirical studies have examined the relation between internal governance mechanisms (internal audit function and audit committee effectiveness) and institutional ownership. This study adds to the existing literature on the importance of internal governance mechanisms by documenting an association between internal audit function and audit committee effectiveness and institutional ownership in an emerging country like Malaysia.