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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 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.

Purpose – This chapter provides an overview of issues related to analysing crash data characterised by excess zero responses and/or long tails and how to overcome these problems. Factors affecting excess zeros and/or long tails are discussed, as well as how they can bias the results when traditional distributions or models are used. Recently introduced multi-parameter distributions and models developed specifically for such datasets are described. The chapter is intended to guide readers on how to properly analyse crash datasets with excess zeros and long or heavy tails.

Methodology – Key references from the literature are summarised and discussed, and two examples detailing how multi-parameter distributions and models compare with the negative binomial distribution and model are presented.

Findings – In the event that the characteristics of the crash dataset cannot be changed or modified, recently introduced multi-parameter distributions and models can be used efficiently to analyse datasets characterised by excess zero responses and/or long tails. They offer a simpler way to interpret the relationship between crashes and explanatory variables, while providing better statistical performance in terms of goodness-of-fit and predictive capabilities.

Research implications – Multi-parameter models are expected to become the next series of traditional distributions and models. The research on these models is still ongoing.

Practical implications – With the advancement of computing power and Bayesian simulation methods, multi-parameter models can now be easily coded and applied to analyse crash datasets characterised by excess zero responses and/or long tails.

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.

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 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.

The purpose of this paper is to determine single sampling plans (SSPs) by attributes when the number of nonconformities is distributed according to a zero-inflated Poisson (ZIP) distribution.

Manufacturing processes have now-a-days been aligned properly and are monitored well, so that the occurrence of nonconformities would be a rare phenomenon. The information related to number of nonconformities per product will have more number of zeros. Under such circumstances, the appropriate probability distribution of the number of nonconformities is a ZIP distribution. The operating characteristic function of the sampling plan is derived.

Parameters of the sampling plans are obtained for some sets of values of (p ₁, α, p ₂, β). Numerical examples are given to illustrate the selection of SSPs under ZIP distribution and to study its advantages over Poisson SSP.

Results obtained in this paper are original and has been done for the first time in this regard. Parameters of the sampling plans are essential to make decisions either to accept or reject the lots based on the inspection of the samples.

This chapter examines the evolution of the number of days spent on sick leave following the 2011 reform which halved the maximum sick benefit provided by statutory health insurance in Hungary. This policy change sharply decreased benefits for a large group of high earners, while leaving the incentive to claim sickness benefits unchanged for lower earners, providing us with a “quasi-experimental” setup to identify the incentives effect of sickness benefits. We use a difference-in-differences type methodology to evaluate the short-term effect of the reform. We rely on high-quality administrative data and analyze a sample comprised of prime-age male employees with high earnings and stable employment. Our results show that the number of days spent on sick leave fell substantially for those experiencing the full halving of benefits. Estimating the response of the number of sick days with respect to the fall in potential sickness benefits, we find a significant elasticity of −0.45.

The purpose of this study is to analyze the impact of human capital related to gender and nationality diversity in boards of directors on the innovation of university spin-offs (USOs) in their entrepreneurial ecosystem. Following the intellectual capital (IC) framework and the resource dependence theory, upper echelons theory and critical mass theory, it hypothesizes that the relationship between board diversity and USOs’ firm innovation is non-linear.

To test the research hypotheses empirically, a sample of 827 Italian USOs over the period 2009–2018 was analyzed using zero-inflated Poisson regression modeling. A robustness test was also performed.

Gender obstacles remain in USOs’ entrepreneurial ecosystem, with little involvement of women in boards, and the benefits of human capital for firm innovation emerge with increased female representation. Nevertheless, a few foreign-born directors embody valued IC in terms of human capital from an internationally linked entrepreneurial ecosystem, which decreases with more foreign-born directors due to communication costs and coordination problems.

The emerging non-linear relationships imply that gender- and nationality-diverse boards in USOs constitute critical human capital factors boosting the devolvement of entrepreneurial processes, in terms of firm innovation, in university entrepreneurial ecosystems.

This study contributes significantly to the move from traditional corporate governance analysis through an IC framework, fostering an understanding of the role of human capital and its diversity determinants in spurring firm innovation among USOs considering the university entrepreneurial ecosystem.