Search results

The challenge of predicting changes in aggregate income and stock prices is one that has occupied the research agendas of economists. This paper aims to use the consumption–income ratio and the dividend–price ratio to predict future income and stock prices.

To examine the stability of the consumption–income ratio and the dividend–price ratio, the authors run a two-variable, two-lag reduced-form VAR in the vein of Cochrane (1994), using a lag of each respective ratio as exogenous to the VAR. Additionally, the authors estimate an AR(4) model for income and prices.

The consumption–income ratio and the dividend–price ratio remain key to understanding future movements in income and stock prices. The consumption–income ratio significantly predicts future income in the USA, and aggregate income is easier to predict than consumption in the VAR model. The dividend–price ratio does not significantly predict future price growth. Consumption and dividend shocks have lasting impacts on income and prices.

The consumption–income ratio and the dividend–price ratio are still key to understanding future movements in income and stock prices. The consumption–income ratio significantly predicts future income in the USA, and aggregate income is easier to predict than consumption in the VAR model. However, the dividend–price ratio does not significantly predict future price growth, a change from previous research from the 1990s, despite the increasing complexity of stock markets. Consumption and dividend shocks have lasting impacts on income and prices and appear to be significant drivers in both the short- and long-run variance in income and prices.

The onset of the COVID-19 pandemic certainly exacerbated the teacher shortage in the United States for all racial/ethnic groups, but especially for Black teachers. Black teachers account for 7–8% of the total teacher population and this percentage is the direct result of decades of systemic and structural barriers set against Black teachers in the form of racism. Still, Black teachers who enter the profession do so with the willingness to support all students and uplift Black students who often go years without seeing a teacher that looks like them. Black teachers often face different expectations than their white counterparts and these expectations, without the proper support, lead to Black teachers burning out at higher rates. In an effort to understand Black teachers' and the experiences that contribute them remaining in the classroom, the researchers explored Black teachers' working conditions through a phenomenological approach. The findings of this study suggest that Black teachers deserve working conditions that nurture who they are culturally and professionally, that reject actions of oppression toward them – both implicitly and explicitly, and offer spaces for Black teachers to be authentically heard.

Invented in late 1890s, asbestos cement sheeting rose to prominence during the post-Second World War period as a building material for low-cost housing by state housing commissions and low-income families (“fibro homes”). The adverse health effects of asbestos fibres in the building industry and home renovation activities are well documented. Fibro homes of the 1950s and 1960s are increasingly coming under the gaze of heritage studies, which brings to the fore the question of how to deal with the asbestos cement sheeting most are clad with.

This paper provides the first systematic review to assess the literature (126 papers were identified in Google Scholar and scanned for content) on the conservation management of asbestos cement sheeting in heritage properties.

Overall, engagement with the conservation management of asbestos cement sheeting in heritage properties was low, with only two sources dealing with asbestos cement sheeting in any level of detail. The studies note that if asbestos cement sheeting is in good condition, it should be left alone. Numerous conservation and repair options do exist, in particular the application of (coloured) sealants that extend the life of asbestos cement sheets and asbestos cement roofing.

This paper represents the first systematic review to assess conservation management options for asbestos cement sheeting in heritage properties.

Little is known about what emotionally un(intelligent) CEOs really say to their close collaborators within the boardroom. Would the rhetoric content differ between an emotionally intelligent and an emotionally unintelligent CEO, especially during a crisis? This chapter aims to answer this question.

40 CEOs of large corporations were asked to deliver a verbal address to their board members in reaction to a vignette describing a critical situation for the company. Participants were provided with the Schutte self-report emotional intelligence (EI) test. The verbal content of CEOs' closed-door discourses was analyzed using Cognitive-Discursive Analysis (CDA) and, subsequently, Geometric Data Analysis (GDA).

The results revealed that CEOs with low EI tend to evoke unpleasant emotions, talk about competition, and often blame some – or all – of the board members for their (poor) actions in comparison to CEOs with high or medium EI. In contrast, CEOs with high EI tend to use terms in relation to decision or realization and appear to be more cooperative than those with lower EI and were also ready to make decisions on behalf of team.

Previous research has mainly focused on CEOs' public speeches. But the content of CEOs' speeches within the boardroom might noticeably differ from what they would say in a public address. The results of our exploratory study can serve CEOs as a basis toward improving their closed-door rhetoric during a crisis.

It would be interesting to enlarge the size of our population in order to strengthen our statistical analyses as well as explore other cultural and linguistic environments and other channels through which emotions can be expressed (e.g., human face, gesture, vocal tone).

In this introduction to the special issue, ‘Marxist Thought in South Asia’, we detail the long history of Marxist politics and theorizing in South Asia and highlight the unique contributions and perspectives of South Asian Marxists to global Marxism. Three contributions we find particularly significant are (1) South Asian Marxists' approach to thinking about questions of capitalism, colonialism and imperialism, (2) the treatment of agrarian and feudal continuities in Marxist theories from South Asia and (3) unique South Asian contributions to theorizing caste from a Marxist perspective.

This study aims to identify the determining factors of perceived altruism and attitude toward an inclusive sponsorship activation, as well as the impact of these variables on the attitude toward the sponsor.

Online survey data were obtained from 1,228 respondents from France, the UK and South Africa. The data were analyzed using partial least squares structural equation modeling (PLS-SEM).

The results show that the cause-brand fit has a strong positive impact on the perceived altruism toward the motivations underlying inclusive activation, while skepticism toward advertising has a very weak negative impact. In return, perceived altruism positively influences the attitude toward inclusive activation and sponsor attitude. Furthermore, this attitude toward inclusive activation is positively influenced by involvement in women’s soccer and France men’s national football team identification. The attitude toward inclusive activation also positively influences the attitude toward sponsor attitude. However, contrary to what had been advanced, identification with the France women’s national football team and the nationality of the respondents (French, British or South African) had no impact on the attitude toward inclusive activation, while the perceived importance of the cause had very weak impact on attitudes toward inclusive activation.

This study highlights the potential benefits of investing in inclusive sponsorship activations, particularly with respect to their positive impact on consumer attitude toward sponsor attitude. It also highlights the importance of establishing, in advance, a strong association between the brand image and the cause supported, so that the motivations underlying the inclusive activations are perceived as more altruistic.

Although the value effect is comprehensively investigated in developed markets, the number of studies examining the Vietnamese stock market is limited. Hence, the first aim of this research is to provide empirical evidence regarding returns on value and growth stocks in Vietnam. The second aim is to explain abnormal returns on Vietnamese growth and value stocks using both risk-based and behavioral points of view.

From the risk-based explanation, the Capital Asset Pricing Model (CAPM), Fama–French three- and five-factor models are estimated. From the behavioral explanation, to construct the mispricing factor, this paper relies on the method of Rhodes-Kropf et al. (2005), one of the most popular mispricing estimations in the financial literature with numerous citations (Jaffe et al., 2020).

While the CAPM and Fama–French multifactor models cannot capture returns on growth and value stocks, a three-factor model with the mispricing factor has done an excellent job in explaining their returns. Three out of four Fama–French mimic factors do not contain additional information on expected returns. Their risk premiums are also statistically insignificant according to the Fama–MacBeth second-stage regression. By contrast, both robustness tests prove the explanatory power of a three-factor model with mispricing. Taken together, mispricing plays an essential role in explaining returns on Vietnamese growth and value stocks, consistent with the behavioral point of view.

There are several value-enhancing aspects in the field of market finance. First, this paper contributes to the literature of value effect in emerging markets. While the evidence of value effect is obvious in numerous developed as well as international markets, both growth and value effects are discovered in Vietnam. Second, the explanatory power of Fama–French multifactor models is evaluated in the Vietnamese context. Finally, to the best of the author's knowledge, this is the first paper that incorporates the mispricing estimation of Rhodes-Kropf et al. (2005) into the asset pricing model in Vietnam.

Company goals, behaviors and decision-making processes may differ depending on whether a given company decides to engage in the Industry 4.0 (I4.0) paradigm as a user or as a provider of I4.0-based solutions. This paper will consider this question in-depth by focusing on the extent to which the innovation ecosystem (IES) affects these two main strategies.

The authors' study aims to analyze the impact of a regional information and communication technology (ICT) ecosystem on the implementation of I4.0 at the company level by using an original survey of 123 companies that are already engaged in the implementation of I4.0 in the French region of Hauts-de-France and by employing two sets of logit models.

The authors' empirical study demonstrates the importance of an innovation ecosystem-based strategy for I4.0 technology provision. It reveals that engaging in R&D collaborative projects and developing links and complex relationships with heterogeneous actors within the IES positively affects the likelihood of a given firm deciding to implement I4.0 as a provider of I4.0-based solutions. This does not, however, affect the probability of a firm engaging in the I4.0 paradigm as a user of technologies and solutions.

From a policy standpoint, this study could encourage decision-makers to engage with I4.0 development by developing policies targeting the reinforcement of IES at a regional level. This could also help to accelerate the adoption of I4.0 technologies by manufacturing companies and foster the development of I4.0-based solutions through specific company-targeted policies. The authors' study supports the need for manufacturing company managers to evaluate and identify the best technological strategies related to the I4.0 paradigm that meet their specific needs.

The authors' study shows that the decision to engage in the I4.0 paradigm as providers of I4.0-based solutions is more likely to rely on an innovation ecosystem-based strategy, while the decision to engage in the I4.0 paradigm as users of I4.0-based solutions is more likely to rely on the company’s internal strategies, resources and demand-side benefits.