my research
"Research is to see what everyone else has seen, and to think what nobody else has thought." - Albert Szent-Györgyi
Here is a look at some of my recent published research papers...
1.
Title: “Students Perceptions of Emergency Remote Instruction During the COVID-19 Pandemic”
Author: S.A. Stephen.. & M. McCormick
Publishing Status: Published in October 2021 in Journal of Higher Education Theory and Practice.
Abstract:
In Spring 2020, the pandemic forced administrators and professors to pivot to emergency remote instruction in order to salvage the semester. This study examines students’ perceptions of emergency remote instruction at a private university in the Midwestern US during the COVID-19 pandemic. The findings show that 55% of students had never taken an online course prior to this experience. Moreover, 71% of students said that only a few professors were comfortable with the new online format and/or the use of technology, 78% of students perceived online instruction to be inferior to traditional classroom teaching, 87% of students missed the face-to-face contact with their professors, and 90% of students missed the face-to-face contact with their peers. Students who identified as extroverts missed the face-to-face interaction with their peers more than the students who identified as introverts. Finally, about 28% of students reported below average personal well-being after the pivot to emergency remote instruction.
2.
Title: “Internationalization and Cash Holdings Before and After the 2008 Financial Crisis: An Empirical Investigation of Latin American Firms.”
Author: Melgarejo Duran, M & S.A. Stephen.
Publishing Status: Published Online in November 2021 in Macroeconomics and Finance in Emerging Market Economies.
Abstract:
This study investigates the determinants of corporate cash holdings for a sample of Latin American domestic and multinational corporations (MNCs) before and after the 2008 financial crisis. Our results show that MNCs have higher cash holdings than firms with only local operations. Before the financial crisis, there is no statistical difference in the cash holdings between the two groups. After the financial crisis, MNCs have higher cash holdings than domestic firms. The negative effect of political risk on cash holdings is less pronounced for MNCs. Internationalization appears to mitigate the impact of economic shocks in Latin American firms.
3.
Title: “Is finance for me? Gender differences in choice of finance as a college major”
Author: Hawash, R, S.A. Stephen.. & M. McCormick
Publishing Status: Published in July 2020 in Journal of Higher Education Theory and Practice.
Abstract:
Using a sample of senior college students, this study investigates why there are so few female students choosing finance as their major and the motivating factors for students when choosing a major. We find that very few female students as compared to male students ever consider choosing finance as a major, and more female than male students said given another opportunity, they would not choose finance as a major. For those who choose to major in finance, female students appear to be more motivated by family members, while the male students appear to be more motivated by increased job opportunities. In addition, more female students cited a perceived lack of quantitative skills for not choosing finance as their major; however, female students who have a higher perception of their quantitative skills are more likely to choose finance as their major. Finally, students who performed well in the prerequisite corporate finance course are more likely to choose finance as their major, but regardless of gender, most students say do not choose finance as a major because they do not see themselves in the finance industry, or they are simply attracted to other business majors.
4.
Title: “The Impact of Internationalization on the Capital Structure of Firms in Emerging Markets: Evidence from Latin America Before and After the Financial Crisis.”
Author: Melgarejo Duran, M & Stephen, S.A.
Publishing Status: Published Online in June 2020 in Research in International Business and Finance.
Abstract:
This study examines the impact of internationalization on the capital structure of firms in emerging markets before and after the financial crisis of 2008, with evidence from five countries in Latin America (Argentina, Brazil, Chile, Mexico, and Peru). We find that before the financial crisis, Latin American MNCs are characterized by lower debt levels than purely domestic firms. However, after the financial crisis, we find that the MNCs are characterized by higher debt levels. This finding suggests that after the financial crisis, the Latin American MNCs (like many firms) may be taking advantage of their access to low interest rates in the global capital markets.
5.
Title: “Where are all the female finance majors? An examination of gender and performance in undergraduate corporate finance”
Author: Hawash, R & S.A. Stephen.
Publishing Status: Published in November 2019 in Journal of Higher Education Theory and Practice.
Abstract:
Using a sample of 592 business students over the period 2009 to 2018, we investigate why there are so few undergraduate female students choosing finance as a major. We find that females, on average, scored higher in their first college math course by almost 2% than males, but there is no significant difference in the grades between female and male students in corporate finance. However, our results show that the odds of a female choosing a finance major is 0.4, which means that male students are 2.5 times more likely to choose finance as their major. Also, a 10% increase in the student’s grade in his/her math class increases the student’s grade in corporate finance by 6%. This underscores the theory that better performance in quantitative courses leads to better performance in finance.
6.
Title: “Political Regimes, Investment and Electoral Uncertainty.”
Author: Marcelin, I & Stephen, S.A., Fanta, F and M. Tecklezion
Publishing Status: Published Online in January 2019 in Research in International Business and Finance.
Abstract:
This study looks at firm’s investment spending in fixed and intangible assets around three types of national elections: presidential, joint presidential and legislative, and parliamentary elections. Investment in fixed assets declines by up to 2.3% during presidential elections, and 4.43% in joint presidential and legislative elections years. On the other hand, intangible investment decreases by 4.47% in parliamentary election years. Moreover, investment responses to electoral shocks differ markedly within political systems and countries’ institutional settings. Investment levels shift significantly downward in pre- and resume in postelection years. The electoral effect results in a net loss in investment over the election cycle.
7.
Title: “The Comparative Informational Efficiency of Stock Splits and Options”
Author: S.A. Stephen.
Publishing Status: Published in May 2018 in Journal of Accounting & Finance.
Abstract:
This study investigates whether the split ratio (even or odd), as well as whether options are traded on a stock or not, result in abnormal returns on the announcement day of the stock split, and the days surrounding the announcement day. The findings provide evidence of abnormal returns for all stocks in the sample. Moreover, there is evidence of abnormal returns on the announcement day for both odd and even split ratios, but the abnormal return is slightly greater for the even split ratios. For optioned stocks, the findings suggest that there are abnormal returns, but they are less than the abnormal returns for non optioned stocks. The results support the assertion that options, and derivatives in general, lead to more efficiency in the financial markets.
8.
Title: “Are Graduate Business Students Ready for the Global Business Environment?”
Author: McCormick, M & Stephen, S.A.
Publishing Status: Published Online in June 2017 in Journal of Higher Education Theory and Practice.
Abstract:
Graduate business schools all over the world have put a tremendous amount of resources into the internationalization of their business programs. This study analyzes the effectiveness of the internationalized graduate business program from the graduate students’ perspective. We found that graduate students feel they have gained the necessary skills to work in the international business environment after they have taken globally themed classes. We also found that students who are not employed at multinational firms gained more from the globally themed classes in terms of acquiring the necessary skills and feeling more prepared to work in a global business setting.
9.
Title: “Exploring The Effectiveness of the Internationalization of Business Education at the Undergraduate Level”
Author: McCormick, M & Stephen, S.A.
Publishing Status: Published in April 2016 in Journal of International Business Education.
Abstract:
The internationalization of business education has been receiving attention in business schools for many years. Our study examines the effectiveness of international business education from the students’ perspective by surveying undergraduate business students. Our goal is to explore whether undergraduate students perceive themselves to have acquired the necessary skills to work in the international business environment, and whether they would even be comfortable working in the global workplace upon graduation. We found that training students to not only work in a global environment but to feel comfortable doing so requires a study abroad, or similar, global experience. Students are interested in and feel prepared for the global workplace after globally themed classes, but it is only after they engage in cross-cultural interaction via study abroad, and similar programs, that they perceive themselves to be fully equipped to function and succeed in an international and diverse setting.
10.
Title: “Gender Effects on Perceptions of Individual ands Corporate Social Responsibility”
Author: Droms-Hatch, C & Stephen, S.A.
Publishing Status: Published Online in May 2015 in Journal of Applied Business and Economics.
Abstract:
There has been an increasing importance for both individuals and companies on acting in a socially responsible manner. This study demonstrates that gender plays an important role in perceptions of social responsibility, such that the effect of an individual’s social responsibility on their perceptions of a company’s social responsibility is moderated by the gender of the respondent. Specifically, we find that women have higher levels of Internalized Moral Identity than men. Moreover, we find that women believe that organizations should be more beneficial to society than men, which translates into a higher quality of corporate social responsibility. The theoretical and managerial applications are discussed.
11.
Title: “Examining the Effectiveness of Social Responsibility Courses in Higher Education”
Author: Droms-Hatch, C & Stephen, S.A.
Publishing Status: Published in October 2015 in Journal of Learning in Higher Education.
Abstract:
Individual and corporate social responsibility has been gaining more and more attention over the last several years. We examine the effectiveness of incorporating social responsibility courses into the curriculum in higher education,
with a specific look at Butler University. In general, the results indicate that implementing this type of curricular program is beneficial to the students but affects students differently based on their gender and age. Specifically, the results show that female students generally have a higher level of individual social responsibility than their male counterparts. The results also indicate that the students’ level of social responsibility influence their perceptions of how responsible companies should behave for both societal and consumer welfare. We conclude that these courses encourage students to get involved with the community and teach them to become good citizens. This also has a carryover effect and remains with students as they graduate and become part of other communities.
12.
Title: “Enhancing the Learning Experience in Finance Using Online Video Clips”
Author: Stephen, S.A.
Publishing Status: Published Online in January 2015 in Journal of Financial Education.
Abstract:
This paper examines the idea that the use of online video clips from the websites of business news channels and periodicals in teaching finance leads to a more meaningful learning experience in the classroom. Rarely does the average finance student have the practical frame of reference to immediately understand the nexus between the financial theories, concepts, models, and their application in the real world. This paper presents an innovative method of bridging that gap. The article reviews the literature on using videos in the classroom and presents a pedagogical framework for this instructional medium, followed by a discussion on how to effectively integrate the online video clips within the finance curriculum.