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|| (2017-01-01) The effect of unconventional monetary policy on income inequality in the Eurozone|
This thesis uses a dataset of 12 Eurozone countries in the period of 1999 to 2013 to test if the unconventional monetary policy of the ECB has had an effect on income inequality in these countries, analyzing both pre- and post-tax income. The size of the balance sheet of the ECB is used as the measurement for unconventional monetary policy. The regression results show that there is no significant relationship between the unconventional monetary policy of the ECB and income inequality. This paper....................
|| (2017-01-01) The impact of consumer sentiment on the stock market : an event-study on the effects of reddit comment volume and valence|
Rossem, M. van
Previous literature has been able to uncover a relationship between media sentiment and the value of shares on the stock market. The objective of this thesis is to determine if there is a statistically relevant reaction of the market to consumer sentiment. The widely used online platform ’Reddit’ is used as a proxy for representing consumer sentiment. Using a word counting algorithm sentiment scores for three technology companies; Apple, Google and Netflix are constructed. An event study whe....................
|| (2017-01-01) Numerical methods for pricing options under stochastic interest rates|
Low (or even negative) bond yields necessitate the extension of stan- dard methods for option pricing to deal with stochastic interest rates. The main focus of this thesis is to make this possible by means of finite difference schemes. To this end, we employ the traditional Crank Nicol- son method and an Alternating Direction Implicit Method. We present a detailed description of the derivation of these schemes and we apply these methods towards the valuation of European and American op- tions wh....................
|| (2017-01-01) The relationship of executive compensation with the amount of donations in large US nonprofit organizations|
An examination of the impact of a change in executive compensation in nonprofit organizations on donations, indicates that the change in donations depend both on donor’s behavior and on the accuracy of information provided by the firm. The results of this study shows also broad differences across different types of nonprofit organization. The nature of service that a nonprofit organization provides could impact this relationship. Finally, the results show a positive impact of an increase in ex....................
|| (2017-01-01) Monetizing social media within the music industry : an inbound marketing perspective|
Raalte, J. van
Artists within the music industry are vastly adapting to the influence of the internet in order to sustain their career as working musicians. These artists are forced to make strategic choices with respect to the marketing of their products through their social media channels. With the exponential growth of online content, it is interesting to study the online practices of artists within the music industry. Inbound marketing is a relatively new marketing theory that is closely related to the pre....................
|| (2017-01-01) How does EPC business process modeling help streamline the onboarding process of the new employees|
Process management has a major impact in any business. Onboarding as a process is a process every company goes through when hiring a new employee. When the profession gets more technical the onboarding process requires more attention from the company. Today economy is transitioning towards knowledge based economy with a rapid phase. This means that people are being hired into technical positions more than ever and these professions are just rapidly appearing into the job market with an increasin....................
|| (2017-01-01) The analysis of dierent contracts in the individual dened contribution schemes with variable benefits|
Pul, R. van
This study examines the preferences of several reference persons between different contracts (or variants) of the individual defined contribution pension plans. The contracts include the possibility to take investment returns after retirement, that is we allow for variable benefits. Stochastic economic scenario's are used in combination with a projection model to generate the capital accrual and both the variable and fixed benefits in every scenario at every moment in time. In total 18 reference....................
|| (2017-01-01) The usage of firm specific advantages of internationalizing digital firms|
Since the rise of digital technologies, a lot has changed within the business environment. Traditional theories on internationalization are developed before digital technologies affected internationalization patterns. This study provides a clearer view on internationalization patterns of digital firms, the liabilities they face during this process and the firm specific advantages they use to overcome these liabilities. After conducting a qualitative research, it seemed that most digital firms fo....................
|| (2017-01-01) The influence of evidence types in advertisements on the expected performance, expected effort and social influence of smart thermostats|
This research has aimed to determine the effect of the use of evidence types in advertisements on three dimensions of the Universal Theory of Acceptance and Use of Technologies (UTAUT). The context for this study was the smart thermostat, an updated version of the traditional thermostat that makes use of Internet of Things (IoT), wireless sensors and remote control. Four types of evidence have been studied (statistical, expert, anecdotal and causal) in relation to three UTAUT dimensions (perform....................
|| (2017-01-01) Information asymmetry and the revaluation effect after failed mergers and acquisitions|
Through the use of exogenously withdrawn mergers and acquisitions, this is the first paper that investigates the effect of information asymmetry on failed mergers and acquisitions. Based on the findings of Malmendier et al. (2016) and Liu (2017), a difference in revaluation between opaque and transparent targets is expected. Two of the three measures of information asymmetry used by this paper confirm this variation. While the difference in revaluation between cash and stock bids is still presen....................
|| (2017-01-01) Alternative measures of physical variance in variance risk premium and expected S&P 500 returns|
This thesis expands the current literature on the variance risk premium by employing the out-of-sample methodology. The variance risk premium is defined as the difference between risk-neutral variance as measured by the squared VIX index and the physical variance. The paper also proposes three alternative measures for the physical variance as opposed to the realized variance measured by the sum of squared intra-day returns. The alternative measures of the physical variance are: the sum of square....................
|| (2017-01-01) Entrepreneurial ecosystem narratives : success stories and their impact on startup environments|
The topic of entrepreneurial ecosystems is a relatively new field for scholars. Past research mainly focused on the physical factors of entrepreneurial ecosystems, such as access to talent human resources and risk capital. Social and cultural impacts on entrepreneurial ecosystems are completely understudied. Therefore, this study focuses on the connection between entrepreneurial narratives in form of success stories and entrepreneurial ecosystems. Recent literature developed assumption about pos....................
|| (2017-01-01) Creditor protection and debt levels of foreign affiliates of U.S. multinational corporations|
This research analyses the relation between creditor protection and corporate financing, by assessing leverage ratios and internal capital markets of foreign affiliates of U.S. multinational corporations. Creditor rights evolve slowly over time. However, developments of individual elements of creditor law are absent, and legal rules do not converge. Creditor protection influences foreign affiliates’ capital structures and their composition of debt. A one-unit increase in debtor control laws is....................
|| (2017-01-01) The impact of uconventional monetary policy on banking and bovereign default risk|
This study examines the effect of unconventional monetary policy by the Federal Reserve and Euro-pean Central Bank on bank and sovereign credit default swaps in the aftermath of the financial crisis. The paper explains the fundamentals of monetary policy and discusses the transmission channels through which the real economy is affected. Using the event study methodology, I find results which indicate that the communication of unconventional monetary policy by central banks contain valua-ble info....................
|| (2017-01-01) The role of Loving Kindness Meditation (LKM) and temporal focus in coping with entrepreneurial fear of failure|
Entrepreneurs who regularly deal with uncertain decisions and unpredictable outcomes are bound to grapple with fear of failure at one point or another. In fact, entrepreneurial fear of failure is detrimental for the initial motivation to start a business, it increases dropout rates for on-going businesses, and, following a failed venture, prevents talented individuals from ever starting another business again. However, while we know much about situations that invoke it, our understanding of the ....................
|| (2017-01-01) The influence of outcome favourability on perceived fairness of evaluation|
A subject where there is still a lot of inconsistency in the results of research is the reliance on accounting performance measures and the effects it has on other subjects (Hartman, 2000). A specific part of this subject is the influence that outcome favourability has on the behaviour and attitude of employees. No previous research was conducted on how the outcome favourability of accounting performance measures influence the perceived fairness of an employee’s performance evaluation. My cont....................
|| (2017-01-01) The domino effect of doing good : Identifying behavioural outcomes among employees in corporate social responsible organisations|
Drie, T. van
Corporate Social Responsible (CSR) activities in organisations positively influences behavioural outcomes among employees. This study aims to examine prosocial motivation as a particular outcome of CSR activities in organisations. It will enhance the knowledge on influences of individuals’ willingness to carry out those activities. Possible mediating effects of organisational commitment and organisational citizenship behaviour (OCB) are discussed because they are seen as behaviours outcomes af....................
|| (2017-01-01) Reducing errors : the effect of framing on quality and effort|
In this experiment, I ran a real effort experiment at the University of Amsterdam consisting of 182 first-year Economic and Business BSc. students to research the following question: “Could the quality of relatively easy tasks be increased using framing of piece-rate incentives without a reduction in effort?” I find no statistically significant differences in quality or effort resulting from framing of piece-rate incentives. There are also no differences found in quality when changing from a....................
|| (2017-01-01) Asset pricing and behavioral finance : evidence from a betting exchange|
In this thesis I use sports betting exchanges as a laboratory setting for testing behavioral theories on asset pricing. A betting exchange is a betting market where individual bettors come together and make the market, e↵ectively forming a simple financial market where single-payo↵ contracts are traded in the form of bets. I use a unique dataset from the betting exchange platform Betfair, from which I collect 601,543 betting contracts spanning the period 2012-2016. I test how prices respond ....................
|| (2017-01-01) Understanding short information : how market efficiency benefits from industry-level short selling|
Buuren, R. van
Our aim was to research short information, discover where its power is concentrated and if it originates from publicly available information or private newly generated intelligence. By looking at industry-level forecasting abilities we have found that short sellers information is concentrated in only part of the market and that they function as macroeconomic modelers. On top of that our output shows suggestive evidence that short sellers are in fact interindustry information transporters as well....................
|| (2017-01-01) Determinants of regional house price dynamics : the role of supply constraints and sales activity|
This paper analyzes the role of supply constraints and sales activity on regional house price dynamics. A novelty of this study is that it analyzes the relative importance of these factors using a large panel dataset which contains data of 388 Dutch municipalities over 29 years. An error correction model is conducted to estimate both long- and short-term relationships between house prices and determinants. To observe the impact of these factors, the models are estimated on several subsamples bas....................
|| (2017-01-01) Procyclicality of R&D investments : a critical study|
While economic theory predicts that firms time R&D investments in recessionary periods due to lower opportunity costs, recent empirical studies demonstrate that R&D is procyclical. This paper provides a critical analysis of one of the empirical studies into the procyclicality of R&D investment, that of Fabrizio and Tsolmon (2014). We argue that they incorrectly model R&D investment and provide an alternative model. A robustness check verifies the procyclical pattern of R&D, but casts doubt on th....................
|| (2017-01-01) Identity motives and music venue choice : a case study of two reputable music venues in Amsterdam|
As people buy products not just for what they do, but also for what they mean (Levy 1959), expressing one’s personality by the means of goods and services consumed is an important motivation and driving force behind people’s purchase (Sirgy 1985). With this symbolic consumption, personal attributes, motivations and social patterns are expressed. Products and services in the entertainment, arts and leisure industry are especially rich in symbolic meaning. As people are generally motivated to ....................
|| (2017-01-01) Systemic capital requirement for banks : the case of Australia's big four banks|
In the aftermath of the global financial crisis, it is of great interests in resetting the capital requirements regarding the systemic risks. This thesis uses the structural credit risk model to simulate the system loss distributions incorporating two systemic risk factors, the contagion effect and correlation effect. Having set up the systemic risk constraints, two approaches are proposed to obtain the optimal capital requirement for banks in aggregate and individual level.
|| (2017-01-01) Development of stock market integration and contagion : evidence from China and its main trading partners|
Based on previous studies, emerging markets attract capital from developed markets for portfolio diversity with higher returns and volatilities. The aim of this thesis is to evaluate the integration and contagion in a country-level between the biggest emerging market, China, and its main trading partners including United States, United Kingdom, Germany, Netherlands, Australia, Japan, and South Korea. A latent factor/ GARCH model, based on the trade linkage, is applied for baseline estimation. Th....................
|| (2017-01-01) Underreaction in financial analysts' earnings forecast revisions and timeliness|
This thesis provides some evidence to support that financial analysts underreact when issuing forecast revisions, and timeliness is one of the important factors that strengthen underreaction. Based on the timeliness proxy and model from previous literature, the thesis reconstructs and adds some variables to further test quarterly effect. A new timeliness proxy, Percentage of Previous Forecasts, is proposed and proved to be valid. As both pursue and limit, timeliness triggers analysts’ underrea....................
|| (2017-01-01) Non-life insurance pricing using the generalized linear model and the generalized additive model|
In non-life insurance, the GLMs are being widely used in non-life insurance pricing. In the generalized linear model, continuous rating variables are categorized in to intervals and all values within an interval are treated identical. But if two policies have different but close values, it may result in significantly different premiums after the values are categorized into different intervals. With some disadvantages of using GLMs, we will introduce the generalized additive model in non-life ins....................
|| (2017-01-01) The role of debt relief in Sub-Saharan African economic growth : an empirical analysis|
Wit, L. de
This study investigates the effect of debt relief on economic growth in Sub-Saharan Africa in the context of the recent economic growth experienced in that region. A sample of 43 countries is included over a time period of 1995 until 2015 and to control for endogeneity, the system-GMM framework is applied. Previous literature failed to account for the coinciding increase in institutional quality with debt relief under the HIPC initiative, while commitment to structural reforms to better the effi....................
|| (2017-01-01) Location choice in the cultural and creative industries : a case study of the “big three” record labels in the music industry|
This study studies the role of location within the creative and cultural industries by looking at music industry in specific. Compared to traditional industries, the creative and cultural industries are underrepresented in the international business literature, even though they become increasingly important to the global economy. Via a qualitative multiple case study design, the location strategies of the three biggest MNEs in the music industry are studied, where each case represents one MNE. T....................
|| (2017-01-01) Trust and punishment : the effects of punishment on cooperation in The Netherlands and India|
Much of the existing literature has focused either on role of punishment on cooperation or role of trust on cooperation but not many studies have been conducted on the interaction between trust and punishment, and its effect on cooperation behavior. I conduct a public goods game in a high trust and a low trust society and explore this relationship to see where punishment is more effective. Unfortunately, I do not find significant evidence on whether punishment works better in enhancing cooperati....................
|| (2017-01-01) E-stonia : the development of Estonia's entrepreneurial ecosystem in a geopolitical context|
Woude, Ch. van der
Thirty years ago, who could have possibly thought that Estonia, the country embellished in the chaos of the dissolving Soviet Union, would take the British seat of the Presidency of the European Council in 2017? Estonia’s story is remarkable in its strive for digitalization, innovation and entrepreneurship. In this thesis, I analyze the role of the government in shaping the Estonian economy and promoting entrepreneurial activity. This study is guided by the research question “How did the ent....................
|| (2017-01-01) Combining models for Value-at-Risk estimation|
The performance of different forecasting combination schemes is measured in this paper. A linear, quantile and logarithmic combination is considered. We measure the performance of the combination schemes by evaluating its VaR accuracy. We apply this approach using GARCH class volatility models to daily returns on four stock indices. The VaR estimates improve when a logarithmic combination is used.
|| (2017-01-01) Knowledge is (market) power? : analysis of the effects of 'free' goods in online platforms on competition|
As the digital economy gains in importance, some are concerned that dominant platforms can use their ability to collect, store, and analyse big data to create entry barriers in a manner that is harmful to consumers. However, economists do not agree on whether this is actually the case. In this thesis, the costs, benefits, and antitrust implications of the data-driven market power of online intermediaries is investigated. A model of platform competition is constructed in which an incumbent platfo....................
|| (2017-01-01) Do actively trading institutional investors trade on value uncertain stocks?|
This study investigates whether trading behavior from active institutions predict returns in sentiment-driven, overvalued stocks. I hypothesize that most of the return institutions earn would be earned from trading activity in an environment of optimistic market sentiment. Sell activity in high VU stocks would be earning the most profit due to arbitrage limits. From the theory, the combination of short-sale impediments and market-wide sentiment increases the occurrence of overpriced stocks. Anal....................
|| (2017-01-01) Economic goals in sports : internalizing incentives for competitive balance in sports through the sale of broadcasting rights|
The interest in professional team sports is driven by competitive balance between the teams in a league. To uphold this competitive balance, teams and leagues are often allowed exemptions from competition law in order to be able to reallocate resources among them. Examples for this can be profit sharing between the teams or a collective bargaining for TV broadcasting rights. The reasoning is that only through these measures certain teams can be prevented from becoming too dominant. In this thesi....................
|| (2017-01-01) A cost benefit analysis of email, video conferencing and face-to-face meetings in culturally diverse teams |
Culturally diverse teams are becoming a critical aspect for companies to sustain corporate
advantages. However, due to the wider operation spawn of the organization and culturally
diverse team members, they are confronted with new cultures, with their values and norms.
This resulted in the increasing risks of miscommunication and misinterpretation between team
members. Organizations use computer-mediated communication systems to limit these risks.
This research investigates the costs and be....................
|| (2017-01-01) Blockchain: Revolution or Evolution?|
|| (2017-01-01) Audit fee renegotiations and the audit senior’s decisions on audit effort|
The main audit output is the audit report stating the audit opinion that indicates whether or not the client’s financial statements are free of material misstatement. The impact of the audit revenue model is examined on the audit effort of the audit senior in the development of the audit opinion. This is a two-part study. Part one investigates the engagement process of the audit firms through document analysis and interviews, this frames the study of the audit senior’s behaviour in part whic....................
|| (2017-01-01) Good greed : incentivising Social Support via Everyday Consumption|
The sum of reported contributions to charities and social cause is large enough to
significantly address costly public good challenges such as international development or
environmental sustainability. Innovative methods for encouraging individual giving are
therefore continually being developed. One such innovation is the growing market for social
goods; products which combine the private benefit of physical consumption with
contributions to social outcomes.
This paper contributes to our ....................
|| (2017-01-01) The stochastic optimal control of market regulation|
Financial markets can be characterized by actors which each have their own objectives. These objectives differ in terms of risk attitude of the actor and as a result in their short -or long term focus. Financial institutes, in contrast to authorities and society as a whole, typically think in short term objectives and are willing to engage in riskier investments than the authority considers (long term) responsible. During the 2008 financial crisis, these differences became painfully clear. While....................
|| (2017-01-01) The impact of change in stock price on the CEO compensation packages : the case of US banking sector|
CEO compensation packages changed significantly in the last decades and the US banking sector was not the exemption. This master thesis test whether the change in stock price of US banks have an impact on their CEO compensation packages and how each component of CEO compensation is affected by bank performance measures during the period that starts in 2007 and end in 2015 using a sample of 94 US bank divided into small, medium and big banks. The statistical results, shows that the average stock ....................
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|| (2017-01-01) Modeling political opinion using Twitter|
Vlist, M. van der
Efforts have been made to exploit social media to track public opinion in several domains. In a In the political domain, it may be an instrument to supplement or even substitute traditional election polls, for these remain relatively expensive and time consuming. The objective for this research is to create a learning algorithm that models Dutch election polls using Twitter data to approximate traditional polls and eventually predict vote intentions. Twitter data is collected for a period of one....................
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