Judd Leighton Faculty publications and conference presentations

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    Foreign Aid and Adolescent Fertility Rate: Cross-Country Evidence
    (Berkeley Electronic Press, 2020) Zhuang, Hong
    This study examines the role of official development assistance (ODA) in affecting adolescent fertility rates in low- and middle-income countries. Approx- imately 95% of adolescent births occur in middle- and low-income countries, and the average adolescent fertility rate in low-income countries is five times higher than in high-income countries. Aid donors typically pursue multiple objectives when providing development aid, many of which can go beyond changes in per capita GDP and include human capital factors such as adolescent fertility and infant mortality. Using data over the period from 1995 to 2015, our results suggest that total ODA has a beneficial impact by lowering the adolescent fertility rate either directly or through the channel of income growth. Our results also show that this beneficial effect on the adolescent fertility rate is stronger in low-income countries than in middle-income countries. Findings based on sectoral aid suggest that health aid has a stronger effect than aid in other sectors. Keywords: adolescent fertility, development aid, development goals, official development assistance
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    South Bend and Elkhart forecast 2019
    (Indiana Business Research Center, 2018) Zhuang, Hong
    Recaps South Bend-Mishawaka and Elkhart-Goshen metropolitan statistical areas' gross domestic product, labor force and employment, unemployment, employment by industry, local wages and hours worked, and Housing for 2018. Provides an 2019 economic forecast for the two metropolitan areas.
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    Applying Competency-Based Learning Methodologies to Cybersecurity Education and Training: Creating a Job-Ready Cybersecurity Workforce
    (InfraGard National Members Alliance, 2018) Tobey, David H.; Watkins, Alan B.; O’Brien, Casey W.
    What do the Financial Services and Chemical sectors have in common with the Transportation and Government Facilities sectors? All sectors need workers skilled in cybersecurity. What will it take to have qualified workforce candidates coming out of education or training programs with the necessary cybersecurity skills and abilities? A global study indicates there will be a shortage of approximately 1.8 million skilled cyber workers in the next few years (Center for Cyber Safety and Education 2017).1 This creates a two-fold problem for national security and protecting our critical infrastructure from cyber attacks. First, is training a sufficient number of new information security workers and, second, is ensuring that existing Information Technology (IT) and cybersecurity workers have the requisite skills to provide necessary levels of security to protect information assets. This paper addresses the second issue – how to better equip learners to enter into, or remain in, the workforce with the necessary cybersecurity skills and abilities. This paper proposes the use of CompetencyBased Education and Mastery Learning (CBML) methodologies as an innovative and more effective approach than the current Outcome-Based Education (OBE) approach. CBML methodologies strive for learners to 1 Frost & Sullivan. 2017 Global Information Security Workforce Study: Benchmarking Workforce Capacity and Response to Cyber Risk, North America Executive master critical skills at a minimum 95% competency level, before moving on to the next knowledge or skill component; rather than the OBE approach, where a “passing” grade of “C” equates to a 70% competency level. From which approach would you want to hire cyber workers for the Healthcare and Public Health sector or the Energy sector?
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    The Sensitivity of Non-U.S. Bank Stock Returns to Changes of U.S. Monetary Policy
    (Scienpress, 2013) Yin, Haiyan; Yang, Jiawen
    This paper investigates the international spillover effect of U.S. monetary policy changes on non- U.S. bank stock returns. Our dataset covers 442 non-U.S. banks in 57 countries for 1994-2007. We find that there exists an inverse relationship between non-U.S. bank stock returns and unexpected changes in the U.S. federal funds rate target. Our study provides strong evidence that the sensitivity of non-U.S. bank stock returns varies with regard to the nature and context of monetary policy changes, bank-level characteristics, and country-level institutional factors. Our findings have important implications on international financial stability, trading and hedging strategies, and banking management and regulation. Keywords: International spillover; bank stock returns; Federal funds rate target; Bank Characteristics; Event study
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    The Impact of R&D Alliance on the Survival of Newly Listed High Tech Firms
    (Macrothink Institute, 2016) Valencia, Vicar S.
    This paper investigates the extent to which R&D alliance participation affects the survival performance of newly listed high tech firms. The estimation strategy identifies the impact through changes on a firm's alliance status. Using longitudinal data on high tech firms that had an initial public offering in the United States, results suggest that R&D collaborating firms experience greater survival, relative to non-R&D collaborating firms. In particular, participation in an R&D alliance is associated with an attenuation of delistment due to poor financial performance. Keywords: R&D alliance, Survival, Delistment, High tech firms, Initial public offering
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    The Application Of Documented Problem Solving In College Introductory Statistics Courses
    (Clute Institute, 2013) Zhuang, Hong
    Introductory statistics is an important part of the undergraduate curriculum in business and economics education. A pedagogical method, documented problem solving, is applied in the undergraduate statistics course. This assessment method actively engages students in learning via reflecting their thinking process that helps stimulate metacognition and develop critical thinking and problem-solving skills. Keywords: Statistics Education; Documented Problem Solving
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    Small Firm Survival: An Australian Perspective
    (Scienpress, 2016) Valencia, Vicar S.
    This paper analyzes the factors and conditions that potentially help enhance the likelihood of survival of small firms. The purported sub-optimal output scale of small firms runs counter to their seemingly invariable preponderance across time, industries, and countries. Three key findings are obtained. First, small firms, indeed, face a hazard in surviving, albeit the magnitude is not as dramatic as contended by other studies. This implies that a cohort of small firms do survive and constitute the backbone of the observed small firm asymmetry. Second, small firms which are organized as a family-run corporation, have extensive business linkages, use government small business advisory services, and innovate realize a greater likelihood of surviving. Third, the paper finds that employees and decision makers with tertiary qualifications in the allied fields of business are not indispensable conditions for lowering the hazard of survival of small firms. These findings are based from sample data of the Australian Business Longitudinal Survey. Keywords: small firms, survival, Cox regression, longitudinal survey
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    Understanding Country Level Adoption of E- Commerce: A Theoretical Model Including Technological, Institutional, and Cultural Factors
    (IGI Global, 2020) Merhi, Mohammad I.; Ahluwalia, Punit
    This paper provides a theoretically grounded model of e-commerce adoption to explain differences in adoption rates among countries. The model extends the existing culture-policy-technology (CPT) framework to examine causal relationships between the technological, institutional, and cultural factors in order to examine country-level e-commerce adoption. Thus, interesting relationships among macro-level factors are hypothesized. The paper highlights the important of risk mitigating mechanisms or institutions to facilitate adoption of e-commerce in countries with high uncertainty avoidance. A call for empirical examination into country level adoption is answered by analyzing macro level data from 69 countries. The hypotheses are confirmed using PLS analytical procedures. The study is timely as e-commerce technology has now taken hold in several countries but its revenues in proportion to the overall total revenues remain low. The study is motivated by significant different in e-commerce adoption rates among countries. The paper makes significant contributions to literature and practice. Keywords: Country Environment, Cross-Country Studies, E-Commerce Adoption, Efficacy of Institutional Safety-Net, Government Policy, Maturity and Reach of Internet Technologies, Uncertainty Avoidance
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    Effectiveness and Efficiency of RFID technology in Supply Chain Management: Strategic values and Challenges
    (MDPI, 2008-08) Sabbaghi, Asghar, 1949-; Vaidyanathan, Ganesh
    In this study, we examine the fundamental components of RFID technology in a comprehensive supply chain strategy that directly support the effectiveness and efficiency of supply chain management. We examine the appropriate business processes affected by the RFID technology, the required planning and examination for successful implementation, and many potential impacts on effectiveness and efficiency of supply chain management. We emphasize on business valúes and strategic advantages of RFID technology as well as the challenges and recommendations in adoption of the technology particularly when a company extends its supply chain to upstream suppliers and downstream customers, as their external integration needs to gain in capacity planning and in efficiency. Using four major supply chain processes, we highlight economic opportunities and challenges when planning and implementing RFID technology within an existing supply chain framework. We will focus on the capabilities of RFID in providing security, privacy, and integrity of supply chain processes while facilitating sharing information with upstream suppliers and downstream customers, developing alliances, establishing strategic alliances, and gaining competitive advantages.
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    Abnormal Audit Fees and Audit Quality: Evidence from the Korean Audit Market
    (American Accounting Association, 2020-10) Park, Sung-Jin; Behrend, Matt; Khan, Sarfraz; Ko, Youngwoo
    Do abnormally high or low audit fees reflect audit quality? Prior literature examining the U.S. audit market offers conflicting evidence in response to this question. In this paper, we re- examine this issue after controlling for the confounding effect of audit hours by using a sample of public firms in the Korean audit market, which publicly discloses both audit fees and audit hour information. While we do not find a significant association between abnormally high audit fees and audit quality, we find that abnormally low audit fees are associated with larger discretionary accruals and a higher likelihood of meeting or beating analyst earnings forecasts. Further, we find evidence showing that the relationship between abnormally low audit fees and audit quality indicators persists regardless of the level of audit hours. To the extent that audit hours represent the amount of audit effort exerted during an audit engagement, these findings suggest that greater audit effort alone may not lead to higher audit quality as fee pressure from abnormally low audit fees may discourage the provision of high-quality audit services. Keywords: abnormal audit fees; audit effort; audit quality; audit hours
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    I Thought I Knew: The Dunning-Kruger Effect in the Principles of Economics Classes
    (Bureau of Business and Government Research Midwestern State University, 2020) Zhuang, Hong; Gao, Guanlin; Li, Yi; Liu, Bo
    This research study provides evidence for the Dunning-Kruger effect from the principles of economics classes with students of Generation Z. We examine the Dunning-Kruger effect with a diverse student body from three universities. We used a classroom-experiment and collected data of students’ self-assessment on their final exam and paired these data with their actual exam grade, cumulative GPA, and personal characteristics. The results of our study show that although overestimation exists among students of all grade levels, students with a low GPA greatly overestimate their performance.
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    South Bend and Elkhart Forecast 2021
    (Indiana Business Research Center, 2020) Zhuang, Hong
    Recaps South Bend-Mishawaka and Elkhart-Goshen metropolitan statistical areas' labor force and employment, unemployment, employment by industry, local wages and hours worked, and Housing for 2020. Provides an 2021 economic forecast for the two metropolitan areas.
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    Live Music Performances and the Internet of Things
    (International Association for Computer Information Systems, 2019) Fox, Mark A.; Breese, Jennifer L.; Vaidyanathan, Ganesh
    While the term Internet of Things (IoT) has become commonplace in both the vernacular of technologists and consumers alike the Internet of Musical Things (IoMusT) is an emerging field that promises to expand the landscape of music technologies. The internet of things provides additional possibilities for live music performances in particular. These possibilities can potentially increase markets for live music or substitute for traditional live performances during times when audience members may be unwilling to attend traditional concerts (for example, in a pandemic). Additionally, the technology could provide more interactive experiences for concert goers, affordable attendance options to a broader audience, and provide additional income streams for performers. We provide a model of critical considerations for integrating the internet of things with live concerts. The model framework has four parts: audience/musician interactions; technology; business models; and privacy and legal considerations. Keywords: Concerts, Music, Internet of Musical Things, Internet of Things, Virtual Concerts, Live Streaming
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    Drive-in Theatres and Audience Rules of Conduct: Before and During the COVID- 19 Pandemic
    (Participations, 2020-11) Fox, Mark A.
    Audience rules of conduct constitute an underexplored area of research for drive-in theatres. This research comprises two studies of drive-in theatres that remained open in 2019 and 2020, respectively. For drive-ins open during summer 2019 (i.e., before the COVID-19 pandemic) audience rules of conduct are often tied to enhancing the viewing experience and safety of moviegoers. These rules also improve the financial performance of drive-in theatres. For drive-in theatres open during summer 2020 there have been radical changes in how they operate in order to provide a safer experience for audience members in light of the COVID-19 pandemic. Key words: audiences; cinema; COVID-19; drive-in theatres; pandemic; profitability; United States.
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    A Six-Dimensional Framework for Telehealth Delivery
    (International Association for Computer Information Systems, 2020) Fox, Mark A.; Vaidyanathan, Ganesh
    Telehealth is one of the most influential emerging technologies in healthcare. Traditionally, failure in the successful introduction of an information system is correlated with its delivery model. The delivery of telehealth depends heavily on the mitigation of its project risks. Apart from the usual project management risks, the idiosyncratic risks of telehealth implementation are identified in this paper. We have identified several factors that constitute six dimensions for successful telehealth implementation. The six dimensions include the risks associated with new business models, legal and ethics, patient privacy and data security, new technologies, fulfillment, and socioeconomics. We use those six dimensions to formulate a framework for telehealth delivery. Keywords: Telehealth, Telemedicine, Telecare, Mobile Health, Healthcare, Framework
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    Does National Culture Have Any Impact on E-Government Usage?
    (IGI Global, 2018) Merhi, Mohammad I.
    The motivation of this article was the lack of empirical evidence regarding the relationship between culture and actual usage of ICTs/e-government. By using Hofstede's cultural framework, this article explains the influence of national culture on e-government usage across countries controlled by socio-economic factors, specifically, GDP and literacy rate. Data was collected from reputable organizations such as World Bank databases and Hofstede's website. Ordinary least square and truncated regression are used to test the hypotheses presented in this article. Results indicate that nearly all Hofstede's cultural dimensions and e-government usage are significantly related. In particular, this article indicates that the usage of e-government is higher in nations that score low in power distance, uncertainty avoidance, individualism and masculinity. Keywords: Cross-Country Studies, Cross-Cultural Studies, E-Government Usage, Information and Communication Technologies, National Culture, Technology Usage
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    Market Behavior in "Lucky" Days
    (Scienpress, 2015) Zhang, Jian; Meisami, Alex; Mehran, Jamshid
    The purpose of this paper is to examine whether or not the markets behave differently in different days of a month merely due to the meaning(s) associated with the digit a particular day end with. We used multiple univariate tests to test the quality of means for lunar days ending 5, 8 and 9(lucky days) against other days. OLS regression was also utilized to test statistical significance for the target dates in both Lunisolar and Gregorian calendar for Heng Seng and S&P 500 daily returns. The study finds that Hang Seng’s returns are higher for the lunar days associated with good luck in the Chinese culture (days end with 8 and 9) and lower for the lunar days ending with 5(5 is associated with unlucky meaning). However, it fails to show similar pattern and results for the S&P 500 daily returns. The research finding provides further evidence that cultural beliefs and superstitions can affect stock market returns. The paper also raises a new perspective and potential reason to explain stock returns movements in different stock markets. It further proves the notion that a significant portion of market movements are caused by participants’ irrational behavior such as cultural beliefs and superstition. Keywords: Behavioral Finance, Abnormal Returns, Superstition, Lunisolar Calendar, Chinese Culture, Language
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    Festivity Anomaly in Indian Stock Market
    (Economics Bulletin, 2016-05) Lu, Xing; Patel, Neel
    This research is the first to investigate the holiday anomaly in the Indian stock market, one of the largest stock markets in the world, during the financial crisis. This paper examines the presence of holiday effects in the Indian stock market, before and during the financial crisis. Our results indicate very strong post-holiday effects for most of the indices from the Bombay Stock Exchange. Furthermore, while the pre-holiday effect was completely missing, the post-holiday effect became even stronger during the financial crisis.
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    Exploring Determinants Of U.S. Household Debt
    (Clute Institute, 2011) Turinetti, Erin; Zhuang, Hong
    The fast growing household debt in the U.S. has become a concern to the general public and policy makers. This paper attempts to explore the factors influencing the U.S. household indebtedness using quarterly data over the period of 1980-2010 and controlling for the time series issues. The estimated results show that the unemployment rate, interest rate, disposable personal income per capita, share of retiring population, and educational attainment are negatively associated with the household debt, while housing prices, consumer confidence, and the share of working-age population are positively related to the household borrowing. Keywords: Household Indebtedness; Household Debt
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    Determinants Of Economic Growth: Evidence From American Countries
    (Clute Institute, 2010-05) Zhuang, Hong; St. Juliana, Robert
    This paper explores determinants of economic growth using variables from traditional Solow model and recent empirical studies. The study covers data on American countries during the period 1995-2006. The estimates show that per capita, GDP growth is positively related to capital expenditure, primary completion rate and trade openness and the relationship is statistically significant. Furthermore, population growth rate and investment in research and development have positive impacts on economic growth, yet the effects are not significant. Keywords: Economic growth, capital accumulation rate, education, trade