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743 items in total found

Journal Articles | 2021

Lottery and bubble stocks and the cross-section of option-implied tail risks

Sobhesh Kumar Agarwalla, Sumit Saurav, and Jayanth R. Varma

Journal of Futures Market

The options smile provides forward-looking information about the risk at the center of the distribution (ATM-IV) and at the tails (Skew). We investigate the cross-sectional determinants of the options smile using indices that capture firm fundamental risks, heterogeneity in belief, lottery characteristics, and bubble characteristics. We find that at-the-money (ATM) volatility is explained mainly by historical risks and predicted future risks measured using accounting-based risk measures and firm characteristics. However, the cross-sectional variation in the skew is driven by risk premia and by buying and selling pressure, which is influenced by heterogeneity in belief and the underlying's lottery-like and bubble-like characteristics.

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Journal Articles | 2021

Meaningfulness and impact of academic research: Bringing the global south to the forefront

Premilla D'Cruz, Ernesto Noronha, and Sudhir Katiyar

Business and Society

Alongside scholarly and societal dimensions of research impact, the meaningfulness of research, emerging from the link to context, is crucial. Authentic inclusion of Global South scholars based in the Global South aids these objectives.

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Journal Articles | 2021

Impostor phenomenon among engineering education researchers: An exploratory study.

Devasmita Chakraverty

International Journal of Doctoral Studies

Aim/Purpose

The purpose of this study was to explore reasons that engineering education researchers experience impostor phenomenon.

Background

Experiencing impostor phenomenon includes a psychological discomfort experienced by some high-achieving individuals who, by the very virtue of being successful, mistakenly believe that they are fraudulent and faking their success. Impostor phenomenon has been studied more broadly in science, technology, engineering, and mathematics (STEM), with little research specifically in engineering and computer science and none, to the author’s knowledge, in engineering education research. As an emerging discipline, some of the challenges in engineering education research include its poor connection with engineering teaching and learning, establishing multidisciplinary collaborations, and advancing global capacity. As a result of its poor connection with engineering fields, and being a new discipline, it is possible that engineering education researchers hold an identity that is different from engineering researchers. Some of them could be experiencing their training differently, struggling to find mentors from a similar background, and possibly feeling like impostors.

Methodology

Using purposive sampling and snowball sampling, US-based engineering education researchers participated in a short survey and a semi-structured interview. The survey consisted of demographic questions, items of the Clance Impostor Phenomenon Scale, and an open-ended question about an instance when participants experienced impostor phenomenon. Interviews examined, in detail, reasons for experiencing impostor phenomenon as engineering education researchers. The scale provided a measure of the intensity of impostor phenomenon. Interviews were analyzed inductively through constant comparison using a constructivist approach.

Contribution

Findings indicated various axes of othering (separating those who are perceived as different, non-dominant, or outsiders from the majority or popularly accepted norm) that made it difficult to develop a sense of belonging, especially for women, and contributed to impostor phenomenon. Othering occurred through identity-based experiences (gender-identity, engineer-identity), different methodologies used to conduct research, and different vocabulary used for academic communication.

Findings

The sample comprised of eleven participants (PhD students, postdoctoral scholars, and faculty), all of whom experienced high to intense impostor phenomenon (range: 61-91/100; mean 75.18). Participants were predominantly white women from twenties to forties. Interviews indicated two reasons for experiencing impostor phenomenon: (1) existing in a separate world from engineering (referring to cultural differences between engineering and engineering education including differences in communication styles, methodologies, and identities); and, (2) facing gendered experiences (for women).

Recommendations for Practitioners

It is recommended that practitioners are mindful of the tensions between worldviews, commonly used methodologies, and demographic differences between engineering research and engineering education research that could shape one’s experience in the field and contribute to “othering” during doctoral training and thereafter.

Recommendation for Researchers

Doctoral and post-doctoral training in engineering education research could be more inclusive and open to different research methodologies. Future studies deeply exploring various training challenges experienced by engineering education researchers could illuminate how the field could become more inclusive.

Impact on Society

The current study provides a nuanced understanding of the dichotomy between engineering and engineering education research, including the different styles in academic communication, research methodologies used, and identities. It also provides an understanding of the gendered experiences women have in the field, pointing to an overt or covert lack of recognition. Both these factors could make some feel like outsiders or impostors who question themselves and doubt their competencies and belonging in the field. Attrition from the field could be costly, even to the society, at large, given that the field is relatively new, evolving, and not (yet) as diverse in its worldviews, methodologies, and the demography of those it attracts for doctoral training and beyond. The study provides evidence-based understanding of how training in engineering education researchers could be re-imagined.

Future Research

Future research could examine, in detail, aspects of engineering education research training that may contribute to impostor phenomenon, poor belonging, poor identity, and othering experiences.

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Journal Articles | 2021

How global marketing can be more global and more marketing: A bottom-up perspective from subsistence marketplaces

Madhubalan Viswanathan and Arun Sreekumar

Journal of Global Marketing

Our journey to subsistence marketplaces has been global in scope and resonates with marketing in beginning at the micro-level with a bottom-up orientation in understanding consumers, communities, and the larger context. This space offers an opportunity for us to discuss the broader lessons learned from this journey for global marketing.

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Journal Articles | 2021

Family firms and their participation in cross-border acquisition waves: evidence from India

Mohammad Fuad, Vinod Thakur, and Ashutosh Kumar Sinha

Cross Cultural & Strategic Management

Purpose – From the socioemotional wealth (SEW) perspective, family firms prioritize non-financial goals and show risk averse behaviour towards conducting acquisitions. In this paper, we study family firms' acquisitive behaviour while participating in CBA waves. Scholars have largely treated the cross border acquisition (CBA) wave and non-wave environments as homogeneous. We theorize that these two environments differ in their uncertainty and risk profiles on account of temporal clustering of acquisition deals. Accordingly, based on the SEW perspective, we examine the preference of family firms to participate in CBA waves. Design/methodology/approach – The paper is based on CBAs conducted by Indian family firms between 2000 and 2018. These waves are identified by conducting a simulation based methodology. Findings – Our findings suggest that foreign institutional ownership, firm age and acquisition relatedness moderate the relationship between family control and participation in CBA waves. Originality/value – Our paper contributes towards the acquisitive behavior of family firms and their participation in CBA waves.

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Journal Articles | 2021

Rational repricing of risk during COVID-19: Evidence from Indian single stock options market

Sobhesh Kumar Agarwalla, Jayanth R. Varma, and Vineet Virmani

Journal of Futures Markets

Could the COVID-19 related market crash and subsequent rebound be explained as a rational response to evolving conditions? Our results using multiple forward-looking measures of uncertainty implied from stock option prices suggest so. First, we find a gradual build-up of volatility during the month preceding the spike at the start of the pandemic. Second, while tail risk declined after government interventions, the level of uncertainty remained elevated for stocks across industries. Third, the dynamics of decline in tail risk in stocks was industry-dependent, suggesting that the market performed a fine-grained analysis of each stock's uncertainty through the pandemic.

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Journal Articles | 2021

SDG implications of water-energy systems transitions in India under NDC, 2 °c and well below 2 °c

Saritha S. Vishwanathan, Amit Garg, Vineet Tiwari, Manmohan Kapshe, and Tirthankar Nag

Environmental Research Letters

India needs to address the immediate concerns of water supply and demand, due to its increasing population, rapid urbanization, and growing industrialization. Additionally, the changing climate will influence water resources, which will subsequently impact the overall sectoral end-use demand patterns. In this study, we have integrated a water module with the existing bottom-up, techno-economic Asia–Pacific Integrated Model/End-use energy system model for India to estimate the future water demand in major end-use sectors under business-as-usual (BAU), nationally determined contribution (NDC), and low-carbon futures (2 °C and 'well below 2 °C') up to 2050. We also simulate the effects of water constraints on major sectors under different climate-change regimes. Our results show that water-intensive end-use sectors, specifically agriculture and power, will face major impacts under water-constrained scenarios. Over the period between 2020 and 2050, policy measures taken under the NDC scenario can cumulatively save up to 146billion cubic metres (bcm) of water, while low-carbon scenarios can save 20–21 bcm of water between 2020 and 2050, compared with BAU. In a water-constrained future, NDC and low-carbon futures can save 28–30 bcm of water. There is a need to increase the current water supply by 200–400 bcm. The marginal cost of installing dry cooling systems in the power sector is considerably higher than the cost and benefits of installing micro-irrigation systems with solar PV. Integrated policy coherence is required to achieve sustainable development goals, e.g., NDC and Paris Agreement goals, in both water and energy sectors. Concurrently, regulatory and economic instruments will play an essential role in improving resource-use efficiency at a systemic level, to reduce the overall water demand.

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Journal Articles | 2021

Quantifying the local cooling effects of urban green spaces: Evidence from Bengaluru, India

Arpit Shah, Amit Garg, and Vimal Mishra

Landscape and Urban Planning

Rapid unplanned urbanization has led to a deterioration in green cover in Indian cities and an increase in urban temperatures due to the urban heat island (UHI) effect. With India’s urban population set to double from 400 million in 2011 to 800 million by 2050, it becomes critical to understand the role of urban green spaces (UGS) in mitigating the UHI. In this study, we have used high-resolution Landsat and Google Earth data and integrated it with spatial statistical analysis to quantify the cooling effects provided by UGS beyond their boundaries. We analyzed cooling effects at the level of individual UGS for 262 UGS in the megacity of Bengaluru, India. Our results showed that the average UGS provided local cooling effects till points 347 m (95% CI: 318 m to 376 m) beyond its boundary. The average UGS was 2.23 °C (95% CI: 2.13 °C to 2.33 °C) cooler than the point where it ceased to provide cooling effects. Cooling effects reduced with distance from the UGS, and were impacted by the greenness, size, and shape of the UGS. The findings of this study are important in the context of India’s Smart Cities Mission that has been criticized for an inadequate focus on urban greening. Our study addresses a concern that most previous studies have used a small sample of UGS for their analysis. To the best of our knowledge, this is the first study to quantify the role of UGS in localized surface temperature reduction for a large Indian city.

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Journal Articles | 2021

Understanding temperature related health risk in context of urban land use changes

Vidhee Avashia, Amit Garg, and Hem Dholakia

Landscape and Urban Planning

A city’s climate is affected both by global warming and the local factors such as built form and the landscape. The temperature related impacts of climate change make urban areas more vulnerable particularly due to higher population concentration as well as heat island effect. Cities in India are already experiencing enhanced temperature and precipitation related impacts of climate change and extreme events, e.g., >2 °C warming in some places. This study describes a case of Ahmedabad – a city of around 5 million people (Census, 2011) and currently almost 7.8 million, located in the hot and humid western part of India to understand the current temperature-related mortality impacts and the role of land use. Satellite images (MODIS from NASA), temperature data from India Meteorological Department (IMD) and daily all-cause mortality from Ahmedabad Municipal Corporation between 2001 and 2015 have been used to create a distributed lag non-linear model. Using land surface temperature for mortality risk assessment gives significantly different results as compared to using air temperature for mortality risk assessment. This indicates impacts of localized temperature variations on mortality risks. Thus, the microclimate in a city as represented by land surface temperatures is a better indicator for estimating relative risk of temperature related mortality as compared to air temperature. The study also infers that with increase in built-up spaces by 1% in the land use mix, the relative risk of heat related mortality increases by 0.59 points at 40 °C and by 0.78 points at 45 °C.

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Journal Articles | 2021

Entry timing as a mixed gamble in cross-border acquisition waves: A study of family firms

Mohammad Fuad, Vinod Thakur, and Ashutosh Kumar Sinha

Family Business Review

We draw upon the mixed gamble perspective to investigate the entry timing decisions made by family firms in the context of cross-border acquisition (CBA) waves. We argue that family-controlled firms trade-off short-term SEW and financial losses in favor of long-term SEW and financial gains, while moving early in CBA waves. Findings suggest that family-controlled firms have a higher preference for early movement compared with nonfamily-controlled firms. Further, we show that founder’s presence on the board and acquirer’s superior performance amplifies the mixed gamble trade-offs, thereby strengthening the relationship between family control and early movement within CBA waves.

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IIMA