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In seminal work, Den Haan et al. (2007, 2010, 2011) show business loans respond in the opposite direction of what may be intended by monetary policy action in the United States and Canada. Based on various approaches, identification schemes, and samples, we document evidence this loan puzzle is not exclusive to developed economies but is also pervasive in emerging markets. We find business loans generally decline following expansionary monetary policy shocks. A preponderance of statistical and structural evidence indicates important transmissions of this puzzle from the United States to emerging markets.

Considering the role of analysts in disseminating information, the paper explains the idiosyncratic volatility puzzle of China's stock market. As the largest developing country, China's research can provide meaningful reference for the research of financial markets in other new countries.

From the perspective of behavior, establishing a direct link between individual investor attention and stock price overvaluation.

The authors find that there is a significant idiosyncratic volatility puzzle in China's stock market. Due to the role of mispricing, individual investor attention significantly enhances the idiosyncratic volatility effect, that is, as individual investor attention increases, the greater the idiosyncratic volatility, the lower the expected return. Attention can explain the idiosyncratic volatility puzzle in China's stock market. In addition, due to the role of information production and dissemination, securities analysts can reduce the degree of market information asymmetry and enhance the transparency of market information.

China is the second largest economy in the world, and few scholars analyze it from the perspective of investors' attention. The authors believe this paper has the potential in contributing to the academia.

The theme of this keynote address is conceptual puzzles raised by empirical research on conflict management and resolution. Three types of puzzles are highlighted: those that deal with processes, identities, and situations. The process puzzles include some counter‐intuitive implications of negotiating strategies and interaction process dynamics. The identity puzzles include the ways in which identity is negotiated, perceptions of ingroups and outgroups, and the connection between loyalty to groups and collective action. The situation puzzles address attribution issues, the distinction between passive actors and active agents, and the role of history. An attempt is then made to juxtapose the puzzles toward a larger conception of a field that emphasizes change in the phenomena we analyze in research and shape through practice. A number of these ideas are found also in the research of previous IACM lifetime award recipients, with whom connections are made.

This paper examines the implications of standard barter models of market equilibrium for financial security returns in New Zealand. The key question addressed is: does the ‘equity premium puzzle’ of Mehra and Prescott (1985) found in the U.S. also hold in ?ew Zealand? To examine the existence of the equity premium puzzle, quarterly financial security returns and consumption data are examined from 1965 to 1997 to calibrate parameters in the Consumption Based Asset Pricing Model. Unlike much of the existing international evidence, this paper corrects for durable goods consumption following the assumptions of the model that all consumption be consumed in a given period. Numerical analyses indicate that the class of models examined are unable to generate equity premia consistent with historical estimates of the equity premium in New Zealand. Due to small sample variability however, while this discrepancy is material in size, the result is not statistically significant.

Additive puzzles form a large and important class of problems in Artificial Intelligence, since many other problems may be shown to be homomorphic to them, and many techniques for solving them are easily transferable to certain classes of problems. For many additive puzzles, a homomorphic puzzle can be sometimes obtained which is much simpler than the initial one. If the simple puzzle cannot be solved from the image of a state in the first puzzle, then the first puzzle cannot be solved from that state. A method to obtain a simple homomorphic puzzle is by colouring its board. This paper presents an algorithm for colouring the boards of additive puzzles. Three heuristic backtracking decisions are discussed and their experimental performances are compared.

Teaching students/library patrons twenty-first century literacies (such as information and library literacies) is important within a library setting. As such, finding an appropriate manner to teach these skills in a practical manner at tertiary level is important. As vehicles for constructivist learning, games provide a unique opportunity to teach these twenty-first century literacies in an engaging, practical, format. The purpose of this paper is to discuss the implementation of an alternate reality game (ARG) to teach these literacies through gameplay.

An ARG was designed and developed where the core gameplay tasks taught and exercised twenty-first century literacies. The game, once completed, was then analysed as a case study to determine the effectiveness of the game-based approach to literacy learning.

Throughout the play of the game, players spent increasingly more time in the library, often using it as a common meeting point during play. Players reported that they learnt or exercised the skills that each game task focussed on, additionally noting that the game-based context made the process of learning and exercising these skills more enjoyable.

The findings suggest that the creation of games, whether real world or digital, may be useful in engaging students/patrons with twenty-first century literacies as well as with their local library. The documentation of a successful ARG to teach twenty-first century literacies provides a model for future research to follow when designing engaging library-oriented games.

The purpose of this paper is to use some of the contributions of the option pricing theory to solve three outstanding puzzles in finance: the underdiversification puzzle, the volatility puzzle and the equity premium puzzle.

To approach the issue, this paper considers the applications of the option pricing theory to both sides of the corporate balance sheet. Applications to the left-hand side of the balance sheet has led to the real options theory that has expressed the value of a capital budgeting project as the sum of the values of its “discounted cash flow (DCF) method” and “real options.” This paper argues that, because the balance sheet must balance, the value of equity, which appears on the right-hand side of the balance sheet, should also be expressed as the sum of the values of its “DCF method” and “equity options.”

This proposed model of equity valuation solves the three outstanding puzzles in finance: the underdiversification puzzle, the volatility puzzle and the equity premium puzzle.

This study may not be able to explain the full extent of the three puzzles.

The dividend discount model of equity valuation needs to be augmented by an option component.

The community of finance scholars will become more confident of their scholarly work because three puzzles will be solved to a great extent.

To the best of author’s knowledge, the extant literature does not either solve any single one of the three puzzles through the contributions of option pricing theory or solve all three puzzles at the same time with a single solution. The originality of this paper is that it makes both of these contributions to the extant literature.

The purpose of this study is to determine whether the use of online puzzles in the instructional process has an effect on student achievement and learning retention. This study examined students ' perception and experiences on use of puzzle as an alternative evaluation tool. To achieve this aim, the following hypotheses were tested: using puzzle activities in lessons increases student achievement, using puzzle activities in lessons increases retention of information learned by the students and students have positive attitudes toward using puzzle activities in lessons. This study uses an online puzzle system (OPS) by which instructors can prepare puzzle activities for students to solve online. The technical and functional properties of the OPS developed and used are beyond the scope of this study.

A pre- and post-test with control group experimental research design was implemented. Study participants were tenth-grade students in the Information Technologies Department of Gazi Anatolia Technical and Industrial Vocational School in Elazig during the 2011-2012 year. Thirty students each were chosen for the experimental and control groups, totaling 60 students. During the study, a traditional instruction method was used for the control group, while the experimental group received both traditional instruction and performed activities using the OPS. The subject Fundamentals of Networking was chosen, and the implementation period lasted six weeks. Four weeks after completion of the study, the achievement level of students was calculated again to test learning retention.

The first hypothesis of the study is, “Using puzzle activities in the lessons increases the achievement of the students”. In the teaching of the Networking Fundamentals Module of Information Technologies Course for tenth graders, a significant difference in favor of the experimental group was seen, where online puzzle activities were used in terms of student achievement. The second hypothesis of the study is, “Using puzzle activities in the lessons increase the retention of the information learned by the students”. Four weeks after completion of the study, the achievement levels of the students were calculated again to test learning retention. The learning retention of the students in the experimental group is higher than that of the students in the control group. In addition, students in the experimental group had positive attitudes toward online puzzle activities. Doing online puzzle activities accelerates learning for students and helps them learn networking terms by creating an enjoyable environment.

The current study was limited to six weeks of implementation during the 2011-2012 school year at Gazi Anatolia Technical and Industrial Vocational High School in Elazig. Similar studies could be conducted in other schools for longer periods and at different levels, so the findings can be compared with those of the current study. This study is further limited to an Information Technologies Course. Studies can be conducted with various courses using appropriate online puzzle activities. Puzzle types other than the crossword used in the OPS of the current study should be developed and added. The system should also be developed by visual multimedia objects, allowing it to be more interactive. Moreover, in the development process of such an OPS, educators, software designers, psychologists and scholars from other fields should work together. Usability tests should be conducted to improve user-friendliness of the system by adding various features related to functionality and visuality.

From the findings of the study, it can be concluded that online puzzle activities help students understand subjects better and aid in exam preparation. Moreover, these activities are effective for students in terms of increasing understanding and retention of learned terms in and outside class, forming valuable learning experiences. Doing online puzzle activities in class as a course-end activity can be said to be more effective in students’ learning than doing them outside of class. Crossword puzzles offer opportunities for students to accelerate learning by quickly mastering new words and phrases and by directing students to more actively interact with computer-related vocabulary and terminology as compared with the rote learning method.

Paper-based puzzles are frequently used, and there are few Web-based puzzles. Despite their frequent use, preparing and evaluating paper-based puzzles can require a significant time investment; another disadvantage is the lack of immediate feedback. Based on the literature review, there is no dynamic OPS used for educational purposes. This study uses an OPS by which instructors can prepare puzzle activities for students to solve online. The originality of this study is OPS features and puzzle generation mechanism. The system presents a user-friendly interface with Turkish character (or any language) support and number-writing properties.

Puzzle-based storage is a novel approach enabling very dense storage. Previous analytical studies have focussed on retrieval time when one or more usable escort locations (empty slots) are located near the system input/output location, and on simulation results for more complex situations. The purpose of this paper is to extend analytical results to determine retrieval time performance when multiple escorts are randomly located within the system.

Closed-form expressions for retrieval time are developed and proven for cases in which the number of free, randomly placed escorts is equal to one or two. Heuristics with associated worst case bounds are proposed for larger numbers of free escorts.

Puzzle-based storage systems are practical and viable ways to achieve storage density, but retrieval time is heavily dependent upon suitable use of escort locations. Analytical and heuristic methods developed within the paper provide worst-case retrieval time performance in a variety of settings.

As the number of free, randomly located escorts increases, optimal analytical solutions are difficult to obtain. Heuristics provide viable retrieval strategies in these situations, and worst-case bounds are relatively easily developed.

The primarily contribution of this paper is to make theoretical extensions of optimal methods for puzzle-based storage systems. It motivates additional research in multiple-escort systems and provides insights that should prove useful for the development of 3-dimensional puzzle-based systems and for systems in which concurrent item movement is permitted.

The authors aim to understand the driving forces behind the idiosyncratic volatility puzzle in the Korean stock market. The authors study the Korean stock market because previous works report a strong idiosyncratic volatility puzzle in Korea, and the market for the exchange-traded funds (ETFs) including low volatility ETFs has experienced drastic growth in Korea.

Using common stocks listed either on KOSPI or KOSDAQ over the period 1997–2016, the authors estimate idiosyncratic volatility using the Fama–French three-factor model. In addition, based on prior literature, the authors use turnover as a proxy for overvaluation. The authors then study the role of turnover in understanding the idiosyncratic volatility puzzle in Korea.

The authors find that turnover is highly associated with idiosyncratic volatility. Turnover is extremely large among firms with high idiosyncratic volatility and the puzzle disappears after we control for turnover, meaning that turnover subsumes the explanatory power of idiosyncratic volatility for equity returns. The authors also find underperformance of stocks with high turnover and high idiosyncratic volatility exclusively during earnings announcement periods. Overall, our finding implies that the puzzle arises since high idiosyncratic volatility stocks due to high turnover are overvalued and experience correction afterwards.

Literature has suggested explanations based on lottery preferences of investors and market frictions behind the idiosyncratic volatility puzzle. What makes our study distinct from previous work is that we find the role of turnover in understanding the idiosyncratic volatility puzzle using turnover measure as a proxy for overvaluation in the Korean stock market.