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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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

This study elaborates on the process through which gender-diverse boards of directors increase representation of females in management positions. This study draws on the gender spillover effect to examine whether gender diversity on boards of directors significantly influences the number of women promoted to managerial positions. The authors also employ implicit quota theory to examine the interaction effects of female board directors and their related strategies to target female customers as a source of female talent on the promotion numbers of female managers.

The authors draw from female manager panel data surveyed and gathered by the Korean Women Development Institute (KWDI), a Korean government-sponsored research institution, for the period 2008–2014. The total sample, comprising 5 biannual waves, includes 906 Korean companies across four wage rates. The authors apply zero-inflated negative binomial regression analyses to examine the effects of gender diversity on board director positions and its interactions with strategies targeting female markets on the number of female managerial promotions.

The authors find that gender diversity on boards of directors is positively related to the number of female managers promoted. Furthermore, in corporations where gender is not relevant to firms' strategy and decision-making, broader gender diversity increases the number of female managers promoted at lower- but not higher-level positions.

The current study demonstrates the complex role of gender diversity in board director positions in initiating and promoting the career development of female managers. On the one hand, gender diversity in board director positions has spillover effects on women's representation in management positions. On the other hand, female board directors impede the career progress of senior female managers to maintain their status in quotas when the female market is not critical to firms' competitiveness. Therefore, it is crucial to integrate two different concepts about gender diversity—the gender spillover effect and implicit quota theory—that elaborate on the effects of gender diversity in board director positions on female manager promotion numbers.

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.

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.

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.

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.

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.

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.

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

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.

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.

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.

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.

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.

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.

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

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

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).

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.

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.

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.

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.

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.

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.

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