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Article
Publication date: 5 June 2017

Robson Braga, Luiz Paulo Lopes Fávero and Renata Turola Takamatsu

The purpose of this paper is to evaluate investor behaviour related to the timing of selling financial assets based on an intuitive evaluation of the current market trend…

Abstract

Purpose

The purpose of this paper is to evaluate investor behaviour related to the timing of selling financial assets based on an intuitive evaluation of the current market trend and growth expectation.

Design/methodology/approach

The experiment involved 1,052 volunteer participants who made decisions about stock sales in an environment that simulated a home broker platform to negotiate stocks. Zero-inflated regression models were used.

Findings

The results show that investors’ attitudes, or beliefs, determine whether they will buy or keep risky assets in their investment portfolios; they may decide to sell such assets, even though market shows an upward trend. Such results make a new contribution to behavioural finance within the context of prospect theory and the disposition effect.

Originality/value

The originality of this paper lies in the use of new and innovative techniques (zero-inflated Poisson and negative binomial regression models) applied to real data obtained experimentally.

Propósito

Este artigo estuda o comportamento de investidores relacionado ao momento da venda de ativos financeiros com base em uma avaliação intuitiva da tendência atual do mercado e da expectativa de crescimento.

Desenho/metodologia/abordagem

Nosso experimento envolveu 1,052 participantes voluntários que tomaram decisões sobre a venda de ações em um ambiente que simulava uma plataforma de corretagem para negociação. Foram utilizados modelos de regressão inflacionados de zeros.

Resultados

Os resultados mostram que as atitudes ou crenças dos investidores determinam se eles comprarão ou manterão ativos de risco em suas carteiras de investimento; eles podem decidir vender esses ativos, mesmo que o mercado mostre uma tendência ascendente. Tais resultados constituem uma nova contribuição para o campo das finanças comportamentais, dentro do contexto da teoria do prospecto e do efeito disposição.

Originalidade/valor

A originalidade deste artigo reside no uso de técnicas novas e inovadoras (modelos de regressão Poisson e binomial negativo inflacionados de zeros) aplicadas a dados reais obtidos experimentalmente.

Details

Academia Revista Latinoamericana de Administración, vol. 30 no. 2
Type: Research Article
ISSN: 1012-8255

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Article
Publication date: 8 May 2018

Luiz Paulo Lopes Fávero, Marco Aurélio dos Santos and Ricardo Goulart Serra

Branching is not the only way for foreign banks to enter a national market, and it is impractical when there are informational and cultural barriers and asymmetries among…

Abstract

Purpose

Branching is not the only way for foreign banks to enter a national market, and it is impractical when there are informational and cultural barriers and asymmetries among countries. The purpose of this paper is to analyze the determinants of cross-border branching in the Latin American banking sector, a region with regulatory disparity and political and economic instability, offering elements to a grounded strategic decision.

Design/methodology/approach

This study uses data from six Latin American countries. To account for the preponderance of zero counts, classes of zero-inflated models are applied (Poisson, negative binomial, and mixed). Model fit indicators obtained from differences between observed and estimated counts are used for comparisons, considering branches in each region established by banks from every other foreign region of the sample.

Findings

Branching by foreign banks is positively correlated with the population, GDP per capita, household disposable income, and economic freedom score of the host country. The opposite holds for the unemployment rate and entry regulations of the host country.

Originality/value

Few paper address cross-border banking in emerging economies. This paper analyzes cross-border branching in Latin America in the context of the current financial integration and bank strategy. Econometrically, its pioneering design allows modeling of inflation of zeros, over-dispersion, and the multilevel data structure. This design allowed testing of a novel country-level variable: the host country’s economic freedom score.

Details

International Journal of Bank Marketing, vol. 36 no. 3
Type: Research Article
ISSN: 0265-2323

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Article
Publication date: 4 March 2014

Todd D. Smith and David M. DeJoy

The purpose of this paper is to test an initial model of safety climate for firefighting. Relationships between safety climate, safety behaviors and firefighter injuries…

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Abstract

Purpose

The purpose of this paper is to test an initial model of safety climate for firefighting. Relationships between safety climate, safety behaviors and firefighter injuries were examined.

Design/methodology/approach

Data were collected from 398 professional firefighters in the southeastern USA. Structural equation modeling, using a zero-inflated Poisson regression method, was used to complete the analyses.

Findings

Safety climate, as a higher order factor, was comprised of four factors including management commitment to safety, supervisor support for safety, safety programs/policies and safety communication. Both safety compliance behaviors and safety participation behaviors were significantly, positively associated with safety climate. Both behaviors were deemed protective and were associated with reductions in injury. Safety climate relations to injury were interesting, but somewhat ambiguous. Safety climate significantly predicted membership in the “always zero” injury group. For those not in the “always zero” group, the relationship between safety climate and injury was positive, which was not completely surprising as direct relationships between safety climate and injury have been insignificant and opposite to predictions in studies using retrospective data and may be attributed to reverse causation.

Originality/value

This novel study illustrates the importance of both organizational and work unit factors in helping shape safety climate perceptions among firefighters. The results also support the safety climate – behavior – injury model and show that a positive safety climate encourages safer behaviors among firefighters. Lastly, the findings confirm that both safety compliance behaviors and safety participation behaviors are important to reducing individual firefighter injury experience.

Details

International Journal of Emergency Services, vol. 3 no. 1
Type: Research Article
ISSN: 2047-0894

Keywords

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Book part
Publication date: 7 June 2013

Nhuong Tran, Norbert Wilson and Diane Hite

The purpose of the chapter is to test the hypothesis that food safety (chemical) standards act as barriers to international seafood imports. We use zero-accounting gravity…

Abstract

The purpose of the chapter is to test the hypothesis that food safety (chemical) standards act as barriers to international seafood imports. We use zero-accounting gravity models to test the hypothesis that food safety (chemical) standards act as barriers to international seafood imports. The chemical standards on which we focus include chloramphenicol required performance limit, oxytetracycline maximum residue limit, fluoro-quinolones maximum residue limit, and dichlorodiphenyltrichloroethane (DDT) pesticide residue limit. The study focuses on the three most important seafood markets: the European Union’s 15 members, Japan, and North America.Our empirical results confirm the hypothesis and are robust to the OLS as well as alternative zero-accounting gravity models such as the Heckman estimation and the Poisson family regressions. For the choice of the best model specification to account for zero trade and heteroskedastic issues, it is inconclusive to base on formal statistical tests; however, the Heckman sample selection and zero-inflated negative binomial (ZINB) models provide the most reliable parameter estimates based on the statistical tests, magnitude of coefficients, economic implications, and the literature findings. Our findings suggest that continually tightening of seafood safety standards has had a negative impact on exporting countries. Increasing the stringency of regulations by reducing analytical limits or maximum residue limits in seafood in developed countries has negative impacts on their bilateral seafood imports. The chapter furthers the literature on food safety standards on international trade. We show competing gravity model specifications and provide additional evidence that no one gravity model is superior.

Details

Nontariff Measures with Market Imperfections: Trade and Welfare Implications
Type: Book
ISBN: 978-1-78190-754-2

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Article
Publication date: 10 May 2019

Adriano Profeta and Ulrich Hamm

The purpose of this paper is to analyse if German consumers are willing-to-pay a price premium for local food produced with local feed. The study provides insights into…

Abstract

Purpose

The purpose of this paper is to analyse if German consumers are willing-to-pay a price premium for local food produced with local feed. The study provides insights into reasons explaining consumer preferences for animal products produced with local feed.

Design/methodology/approach

Computer self-assisted personal interviews (CASI) with 1,602 German consumers were conducted. To calculate the price premium for local feed, consumers were asked about their willingness-to-pay (WTP) for local feed. The respondents had to indicate their WTP for the local feed share levels 75, 90 and 100 per cent for pork cutlets, beef steaks, eggs and milk. To measure the impact of consumers’ attitudes and sociodemographic background on the WTP, a zero-inflated negative binomial regression model (ZINB) was calculated.

Findings

The study reveals that there is a high WTP for animal products produced with local feed. Furthermore, it delivers interesting insights into the WTP for different shares of local feed. Increasing WTPs for a 75, 90 and 100 per cent local feed origin could be found. The logit model in the zero-inflated regression showed that the buying frequency of organic foods exerted a particularly significant impact on one’s belonging to the group which has, in general, no additional WTP for locally produced feed.

Originality/value

Consumers’ perception of the supply chain of local products is virtually unexplored. This is one of the first papers that take this topic into account.

Details

British Food Journal, vol. 121 no. 3
Type: Research Article
ISSN: 0007-070X

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Article
Publication date: 2 December 2020

Óscar Rodríguez-Ruiz, José Fernández-Menéndez, Zuleyka Díaz-Martínez and Marta Fossas-Olalla

In this paper, we study the influence of temporary workers in the relationship between innovation effort and product innovation in a large sample of Spanish manufacturing…

Abstract

Purpose

In this paper, we study the influence of temporary workers in the relationship between innovation effort and product innovation in a large sample of Spanish manufacturing firms in a six-year period.

Design/methodology/approach

The article uses a zero-inflated regression model to analyse how the performance of innovation efforts is affected by the impact of temporary employment.

Findings

Our results show that the use of temporary employment has adverse effects for the conversion of innovation investments into innovation outputs. Firms with higher levels of fixed-term workers have less product innovations in comparison to firms that do not use this kind of workforce. However, this negative impact is less detrimental in technological-intensive sectors.

Originality/value

The value of this research for employment relations is salient as workers long-term protection seems to enhance the effectiveness of the innovation process. At the same time, the effects of temporary work vary depending on the sector.

Details

Evidence-based HRM: a Global Forum for Empirical Scholarship, vol. 9 no. 3
Type: Research Article
ISSN: 2049-3983

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Article
Publication date: 16 April 2020

Veronica Leoni, Paolo Figini and Jan Olof William Nilsson

This paper aims to identify the key drivers of occupancy rates in peer-to-peer accommodation.

Abstract

Purpose

This paper aims to identify the key drivers of occupancy rates in peer-to-peer accommodation.

Design/methodology/approach

The applied methodology fits the specific characteristics of this market segment: the peculiar distribution of the occupancy rate (a ratio characterised by a large share of zeros) requires the adoption of a mixed discrete-continuous model; the insidious issue of price endogeneity is dealt with a control function approach; the econometric specification takes into account the monopolistic competition, the relevant market regime in the hospitality industry. The model is tested on Airbnb listings in the Balearic Islands (Spain).

Findings

The occupancy rate of peer-to-peer properties in the Balearic Islands strongly depends on their geographical location and online reputation. There is a qualitative difference between two groups: listings with positive occupancy rates, which demand tends to be inelastic, and listings with zero occupancy. The authors found that the price is a not a statistically significant determinant of the latter group membership.

Originality/value

This paper applies a zero-inflated beta model, never used in previous analyses of occupancy rates, to provide a benchmark for future studies. This procedure allows the estimation of unbiased marginal effects. It, thus, offers important technical and managerial implications, as a wrong understanding of how occupancy depends on price would deliver ineffective managerial decisions. This paper highlights the importance of methodological choices, as coefficients are highly sensitive to misspecifications of the model.

Details

International Journal of Contemporary Hospitality Management, vol. 32 no. 4
Type: Research Article
ISSN: 0959-6119

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Article
Publication date: 4 June 2020

Sheraz Mustafa Rajput

This paper aims to assess the effects of different levels of education, namely, primary, secondary and tertiary, on global terrorism, measured by incidence of global terrorism.

Abstract

Purpose

This paper aims to assess the effects of different levels of education, namely, primary, secondary and tertiary, on global terrorism, measured by incidence of global terrorism.

Design/methodology/approach

Based on annual panel data covering 120 countries from 1990 to 2017, zero-inflated negative binomial regression (NBR) model is applied to estimate relationship between education and terrorism.

Findings

The findings reveal that higher attainment of education at primary and secondary level lowers terrorism worldwide. The findings strongly hold across the most affected regions of the world including Middle East and North Africa, South Asia, Sub-Saharan Africa and Europe. Drawing a comparison between the OECD and non-OECD countries, the results are substantially supported throughout.

Research limitations/implications

This study highlights the significance of education, at least up to secondary level, as an effective measure to reduce the extent of terrorist activities worldwide. Apart from this, more focus on education is recommended across the most affected regions (Middle East and North Africa, South Asia and Sub-Saharan Africa), specifically and the world, generally. Furthermore, as this study focuses at macro level, the future research may focus on factors enforcing individuals to resort to terrorism at individual and group level.

Originality/value

Unlike previous studies, this study contributes to existing literature through investigating the impact of terrorism at different levels of education.

Details

Journal of Aggression, Conflict and Peace Research, vol. 12 no. 3
Type: Research Article
ISSN: 1759-6599

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Article
Publication date: 3 April 2017

Gabriel Asare Okyere, Richard Tawiah, Richard Bruce Lamptey, William Oduro and Michael Thompson

The purpose of this paper is to assess the differences pertaining to the resources presently accessible for problem-based learning (PBL) among six colleges of Kwame…

Abstract

Purpose

The purpose of this paper is to assess the differences pertaining to the resources presently accessible for problem-based learning (PBL) among six colleges of Kwame Nkrumah University of Science and Technology (KNUST) in Ghana.

Design/methodology/approach

Data for the study are the cross-sectional type drawn from 1,020 students. Poisson and zero-inflated Poisson (ZIP) models were implemented on the data to ascertain the variations regarding the extent of resources available for PBL across the colleges of the university.

Findings

The study outlines the specific resources accessible for PBL across college levels of KNUST. On aggregate, 25.7 per cent reported that their respective colleges have sufficient resources, while 74.3 per cent indicated otherwise. The ZIP model exhibited superiority over the Poisson model, when compared under a Vuong test. As per the ZIP model, none of the colleges appeared to differ significantly in terms of having sufficient resource for PBL.

Practical implications

Findings are applicable to informed decision-making which targets achieving quality education through the use of PBL. Access to sufficient resources that meet the needs of colleges or departments of a University is emphasized.

Originality/value

The application of Poisson and ZIP models to aggregated count data in a PBL setting is novel.

Details

Quality Assurance in Education, vol. 25 no. 2
Type: Research Article
ISSN: 0968-4883

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Article
Publication date: 7 January 2019

GholamReza Keshavarz Haddad, Nader Habibi and Sajad Rafiee

The purpose of this paper is to examine cigarette consumption behavior of younger cohorts in the urban and rural areas of Iran. The authors use Iran’s annual Household…

Abstract

Purpose

The purpose of this paper is to examine cigarette consumption behavior of younger cohorts in the urban and rural areas of Iran. The authors use Iran’s annual Household Income and Expenditures Surveys (HIES) database over 2007–2013 for the statistical analysis. In order to control for a large number of households with zero expenditure on cigarette consumption, the authors have used the double-hurdle modeling approach for counting the outcomes of interest. The authors have also limited the sample to cases in which the head of household is between the ages of 21 and 45 and all children are younger than 18.

Design/methodology/approach

In this study, the authors have conducted a multivariate econometric analysis to identify the impact of age and birth year cohort on the demand for cigarettes among Iranian households. The authors have used the HIES data for multiple years in the analysis. The ideal data set for the analysis is a panel data that include information on cigarette consumption of various age cohorts over a long period of time. Since no suitable panel data are available, the authors have constructed a multi-year cohort data by extracting cohort data from the annual HIES data set. Due to the unique properties of cigarette consumption, the authors have used the double-hurdle econometric model with appropriate diagnostics.

Findings

After controlling for price and demographic factors, which affect the demand for cigarettes, the authors find that the younger cohorts in rural areas, who smoke, tend to consume fewer cigarettes than the older ones; however, the opposite is true among urban households. The probability of being a non-smoker is larger for younger cohorts in both rural and urban areas. Among smokers, the authors observe an inverse U-shape relation between age and quantity of cigarettes consumed per day. The trend is positive up to age 45, but diminishes for older smokers because of health concerns.

Originality/value

In comparison to previous studies of tobacco consumption in Iran, the authors have used a more comprehensive household income and expenditure survey data set with a large number of observations. Furthermore, the authors have applied an econometric method (the double-hurdle model), which is suitable for the analysis of the determinants of demand for cigarettes when a subset of households report no cigarette consumption.

Details

Journal of Economic Studies, vol. 46 no. 1
Type: Research Article
ISSN: 0144-3585

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