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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.

The purpose of this paper is to analyze the formation mechanism of the “One Case One Meeting” system in rural China, which is an institutional arrangement to voluntarily provide public goods to villagers. The survey data are used to test the applicability of the “One Case One Meeting” system.

Applying the Nash equilibrium and the nested game models, this paper analyzes the formation mechanism of the “One Case One Meeting” system. Based on the survey data, the zero‐inflated Poisson regression model (ZIP) and the zero‐inflated negative binomial regression model (ZINB) are applied to examine the impacts of the “One Case One Meeting” system on village‐level public investment.

The results suggest that the “One Case One Meeting” system can be executed more effectively, provided that the following two conditions are both satisfied: first, acquaintance community; and second, election participants have the freedom to express their real opinions. The empirical results from the ZINB model show that the system has a significant positive impact on village‐level public investment in production while the results from the ZIP model show that the system does not significantly affect village‐level public investment in consumption.

Based on the findings, the paper suggests that villages adopt the “One Case One Meeting” system for issues related to public investment in production, but does not suggest this model for issues related to public investment in consumption. In addition, it is necessary to enhance democratic consciousness in farmers' education and, in order to create more channels for village public investment in production, it is necessary to regulate the election system.

In the hybrid knowledge-sharing platform where paid and nonpaid (“free”) knowledge activities coexist, users’ free knowledge contribution may be influenced by financial factors. From the perspective of opportunity cost, this study investigates the direct effect of how the amount of monetary income from users’ contribution to paid knowledge activities influences their free knowledge contribution behavior in the future. Further, this study aims to verify the interaction effect of financial and nonfinancial factors (i.e. the experience of free knowledge contribution and social recognition) on free knowledge contribution.

Objective data was collected from a hybrid knowledge-sharing platform in China and then analyzed by using zero-inflated negative binomial regression model.

Results show that the amount of monetary income that knowledge suppliers gain from paid knowledge contribution negatively influences their free knowledge contribution. Experience of free knowledge contribution strengthens the negatively main effect, while social recognition has the weakening moderating role.

Although some studies have explored and verified the positive spillover effect of financial incentives on free knowledge contribution, the quantity dimension is ignored. This study examines the hindering influence of the quantity of monetary income from the perspective of opportunity cost. By taking the characteristic of knowledge suppliers and platforms as moderators, this study deepens the understanding of the influence of monetary income on free knowledge contribution in the hybrid knowledge-sharing platform.

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 study examines the relationship between news intensity, media sentiment and market microstructure invariance-implied measures of trading activity and liquidity of Chinese property developer stocks during the 2020–2022 Chinese property sector crisis.

The authors adopt the extension of the news article invariance hypothesis, which is a generalization of the market microstructure invariance conjecture, from January 2020 to January 2022 to test specific quantitative relationships between the arrival rate of public information, trading activity and a nonlinear function of a proxy for the probability of informed trading. Empirical tests are based on a dataset of 22,412 firm-day observations and two count-data models to correct for overdispersion and the excess number of zeros. Seventy-five stocks of Chinese companies from the property development industry (including the China Evergrande Group) were included in the sample.

The authors reject the news article invariance hypothesis but document a positive and significant relationship between the flow of public information and risk liquidity. Additionally, the authors find that the proxy for informed trading activity is positively related to the arrival rates of public information from October 2021 to January 2022.

The findings support the hypothesis that negative (positive) media sentiment induces significant deterioration (insignificant improvement) in stock liquidity. The authors find that an increase in the number of news articles about a company corresponds to a higher liquidity of Chinese property developers' stocks after controlling for media sentiment.

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.

A varying number of work hours from week to week creates considerable hardships for workers and their families, like volatile earnings and work–family conflict. Yet little empirical work has focused on racial/ethnic differences in varying work hours, which may have increased substantially in the Great Recession of the late 2000s. We extend literatures on racial/ethnic stratification in recessions and occupational segregation to this topic. Analyses of the Survey of Income and Program Participation show varying weekly hours became significantly more common for White and Black, but especially Latino workers in the late 2000s. The growth of varying weekly hours among White and Latino workers was greatest in predominantly minority occupations. However, the growth among Black workers was greatest in predominantly White occupations. The chapter discusses implications for disparities in varying hours and the salience of occupational composition beyond earnings.

This study aims to investigate how corporate lobbying affects the relationship between collaboration networks and innovation.

The study incorporates insights from the corporate political strategy perspective into the social network research to examine how firms utilize non‐market mechanisms as a way to manage uncertainty. In particular, using data from 291 US pharmaceutical firms, the authors study the moderating effects of corporate lobbying on the relationship between collaboration networks and firm innovativeness.

The results show that corporate lobbying moderates the relationship between network centrality, structural holes, and network size, and firm innovativeness.

The study integrates social network and corporate political strategy research in the case of collaboration networks. Integrating social network and corporate political strategy literatures provides us with new insights into what determines success of firm innovativeness. The study shows that in addition to network structures, firms must consider other variables such as government regulation in fostering their innovativeness.

The purpose of this paper is to investigate the course withdrawal behavior of business and engineering students in a private university. While previous research has studied such behavior, the literature remains sparse and dated.

This study uses a negative binomial model in order to model the total number of course withdrawals for 760 students. The data set includes all courses taken by the students, with a total of 25,160 course outcomes.

Among the findings of the study are that males withdraw from courses more than females, engineering courses have the highest withdrawal rates, and male engineering students withdraw more than any other group.

While dropping out of college has received cross-national interest, the same cannot be said of course withdrawal. Most research to date has been conducted in a community college setting or has used a subset of the courses taken by students at universities in the USA. Thus, this is one of the first studies to investigate course withdrawal in another country.

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.