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The authors examine cryptocurrency market behavior using a hidden Markov model (HMM). Under the assumption that the cryptocurrency market has unobserved heterogeneity, an HMM allows us to study (1) the extent to which cryptocurrency markets shift due to interactions with social sentiment during a bull or bear market and (2) the heterogeneous pattern of cryptocurrency market behavior under these two market conditions.

The authors advance the HMM model based on two six-month datasets (from November 2017 to April 2018 for a bull market and from December 2018 to May 2019 for a bear market) collected from Google, Twitter, the stock market and cryptocurrency trading platforms in South Korea. Social sentiment data were collected by crawling Bitcoin-related posts on Twitter.

The authors highlight the reaction of the cryptocurrency market to social sentiment under a bull and a bear market and in two hidden states (an upward and a downward trend). They find: (1) social sentiment is relatively relevant during a bull compared to a bear market. (2) The cryptocurrency market in a downward state, that is, with a local decreasing trend, tends to be more responsive to positive social sentiment. (3) The market in an upward state, that is, with a local increasing trend, tends to better interact with negative social sentiment.

The proposed HMM model contributes to a theoretically grounded understanding of how cryptocurrency markets respond to social sentiment in bull and bear markets through varied sequences adjusted for cryptocurrency market heterogeneity.

The objective of this paper is to investigate how firms react to cybersecurity information sharing environment where government organizations disseminate cybersecurity threat information gathered by individual firms to the private entities. The overall impact of information sharing on firms' cybersecurity investment decision has only been game-theoretically explored, not giving practical implication. The authors therefore leverage the Cybersecurity Information Sharing Act of 2015 (CISA) to observe firms' attitudinal changes toward investing in cybersecurity.

The authors design a quasi-experiment where they set US cybersecurity firms as an experimental group (a proxy for total investment in cybersecurity) and nonsecurity firms as a control group to measure the net effect of CISA on overall cybersecurity investment. To enhance the robustness of the authors’ difference-in-difference estimation, the authors employed propensity score matched sample test and reduced sample test as well.

For the full sample, the authors’ empirical findings suggest that US security firms' overall performance (i.e. Tobin's Q) improved following the legislation, which indicates that more investment in cybersecurity was followed by the formation of information sharing environment. Interestingly, big cybersecurity firms are beneficiaries of the CISA when the full samples are divided into small and large group. Both Tobin's Q and sales growth rate increased for big firms after CISA.

The authors’ findings shed more light on the research stream of cybersecurity and information sharing, a research area only explored by game-theoretical approaches. Given that the US government has tried to enforce cybersecurity defensive measures by building cooperative architecture such as CISA 2015, the policy implication of this study is far-reaching.

The authors’ study contributes to the research on the economic benefits of sharing cybersecurity information by finding the missing link (i.e. empirical evidence) between “sharing” and “economic impact.” This paper confirms that CISA affects the cybersecurity industry unevenly by firm size, a previously unidentified relationship.

Social scientists often speculate that both acculturation and socioeconomic status are factors that may explain differences in the body weight between Mexican Americans and whites and between Mexican Americans and Mexican immigrants, yet prior research has not explicitly theorized and tested the pathways that lead both of these upstream factors to contribute to ethnic/nativity disparities in weight. We make this contribution to the literature by developing a conceptual model drawing from Glass and McAtee’s (2006) risk regulation framework. We test this model by analyzing data from the 1999–2012 National Health and Nutrition Examination Survey (NHANES). Our conceptual model treats acculturation and socioeconomic status as risk regulators, or social factors that place individuals in positions where they are at risk for health risk behaviors that negatively influence health outcomes. We specifically argue that acculturation and low socioeconomic status contribute to less healthy diets, lower physical activity, and chronic stress, which then increases the risk of weight gain. We further contend that pathways from ethnicity/nativity and through acculturation and socioeconomic status likely explain disparities in weight gain between Mexican Americans and whites and between Mexican immigrants and whites. Study results largely support our conceptual model and have implications for thinking about solutions for reducing ethnic/nativity disparities in weight.

The turn-of-the-month (TOM) effect is observed as one of the seasonalities in many markets. The author examines the TOM effect in the KOSDAQ market and finds that the effect is significant. The TOM effect in the KOSDAQ market is not due to size, turn-of-the-year, turn-of-the-quarter or index rebalancing effect. The author also finds that individual and institutional traders do not trade and buy more stocks at the TOM than on the rest days, not consistent with existing explanations of the increased liquidity by individual investors or institutional window-dressing activity. When the author investigated the net buying volume and net turnover of each investor, the net volume and turnover of individual investors at the TOM were significantly lower than those on the other days, rejecting the hypothesis of their increased demand. Interestingly, net foreign volumes at the TOM are significantly higher than on the other days. Finally, using panel regressions, the author finds that stocks with a higher net buying volume of foreigners for the TOM period tend to have higher returns, while stocks with a higher net buying volume of individual traders for the TOM period are likely to have lower returns. The results confirm that the TOM effect is not due to the increased demand of individual investors. Instead, higher net buying volume by foreigners may partially cause the TOM effect. Therefore, this study contributes to the literature by revealing the presence of the TOM effect in the KOSDAQ market and the foreign role in the anomaly in the market even mainly traded by retail investors.

The purpose of the paper is to advance remote robotic fabrication through an iterative and pedagogical protocol for shaping architectural grounds. Advancements in autonomous robotic tools enable to reach increasingly larger scales of architectural and landscape construction and operate in remote and inaccessible sites. In parallel, the relation of architecture to its environment is significantly reconsidered, as the building industry's contribution to the environmental stress increases. In response, new practices emerge, addressing the reshaping and modulation of environments using digital tools. The context of extra-terrestrial architecture provides a ground for exploring these issues, as future practice in this domain relies on the use of remote autonomous means for repurposing local matter. As a result, the novelty in robotic construction laboratories is tied to innovation in architectural pedagogy.

This paper puts forth a pedagogical protocol and iterative framework for digital groundscaping using robotic tools. The framework is demonstrated through an intensive workshop led by the authors. To situate the discussion, digital groundscaping is linked to several conditions that characterize practice and relate to pedagogy. These conditions include the experimental dimension of knowledge in digital fabrication, the convergence of knowledge as part of the blur between the fields of architecture and landscape architecture and the bridging of heterogeneous knowledge sets (virtual and physical), which robotic fabrication on natural terrains entails.

The outcomes of the workshop indicate that iterative processes can assist in applying autonomous design protocols on remote grounds. The protocols were assessed in light of the roles of technological tools, design iterations and material agency in the robotic fabrication.

The paper concludes with observations linking the iterative protocol to new avenues in architectural pedagogy as means of advancing the capacity to digitally design, modulate and transform natural grounds.

Lee Kuan Yew, Singapore’s first prime minister, who governed the country from 1959 to 1990, passed away on 23 March 2015 at the age of 91. The purpose of this paper is to assess his legacy of good governance in Singapore.

The changes in Singapore’s policy context during 1959-2014 are described first before analyzing Lee’s legacy of good governance in Singapore by examining his books and major speeches.

Lee Kuan Yew’s commitment to meritocracy, empowerment of the Corrupt Practices Investigation Bureau to curb corruption effectively, reliance on competitive salaries to attract the “best and brightest” citizens to join the civil service, and maintenance of the rule of law, constitute his legacy of good governance in Singapore.

This paper will be useful to policy-makers, scholars and readers who are interested in learning about Lee Kuan Yew’s contribution to good governance in Singapore.

To identify key elements in corporate financial reporting abuse – accounting manipulation, inadequate auditing, misled capital markets, corporate executive compensation, executive flight, newspaper outrage, clever legal defences, and eventual accountability and punishment.

Fictional poem.

Truth eventually surfaces followed by public retribution.

To reduce complex situations to their fundamental elements.

Observing the corporate financial reporting scene at its most primitive.

Proposes to evidence the colonization of the accounting knowledge production process by a relatively few élite institutions in the USA. By examining the doctoral origins of the editorial board members of six major accounting research journals between 1963 and 1994, demonstrates the extent of the colonization and its potential to bring closure to the knowledge production process. As such, the results are consistent with previous studies by Lee (1995) and Williams and Rodgers (1995), and improve our understanding of the history of the professionalization of accounting research.

The concept of touristic space is continually evolving, due to the advent of new technologies. Today, physical space and virtual space are interwoven, creating a phenomenon that can be described using the term ‘phygital’. The perception of touristic space as well as the interaction with it has been altered by phygital appearances and changing travel behaviour. While interaction with the touristic space previously only occupied a physical dimension, virtual information now enriches all stages of the customer journey (CJ). Hence, this chapter deals with new technologies, analysing their impact on the perception of touristic space for the traveller throughout the whole CJ. Thereby Augmented Reality and Virtual Reality are cited as examples of state-of-the-art technologies, which wield a direct perceptional impact, as they have the power to blend together one’s perception of real and virtual space.