A fresh look at introductory data science

The proliferation of vast quantities of available datasets that are large and complex in nature has challenged universities to keep up with the demand for graduates trained in both the statistical and the computational set of skills required to effectively plan, acquire, manage, analyze, and communicate the findings of such data. To keep up with this demand, attracting students early on to data science as well as providing them a solid foray into the field becomes increasingly important. We present a case study of an introductory undergraduate course in data science that is designed to address these needs. Offered at Duke University, this course has no pre-requisites and serves a wide audience of aspiring statistics and data science majors as well as humanities, social sciences, and natural sciences students. We discuss the unique set of challenges posed by offering such a course and in light of these challenges, we present a detailed discussion into the pedagogical design elements, content, structure, computational infrastructure, and the assessment methodology of the course. We also offer a repository containing all teaching materials that are open-source, along with supplemental materials and the R code for reproducing the figures found in the paper

Default Risk and Equity Returns: A Comparison of the Bank-Based German and the U.S. Financial System

In this paper, we address the question whether the impact of default risk on equity returns depends on the financial system firms operate in. Using an implementation of Merton's option-pricing model for the value of equity to estimate firms' default risk, we construct a factor that measures the excess return of firms with low default risk over firms with high default risk. We then compare results from asset pricing tests for the German and the U.S. stock markets. Since Germany is the prime example of a bank-based financial system, where debt is supposedly a major instrument of corporate governance, we expect that a systematic default risk effect on equity returns should be more pronounced for German rather than U.S. firms. Our evidence suggests that a higher firm default risk systematically leads to lower returns in both capital markets. This contradicts some previous results for the U.S. by Vassalou/Xing (2004), but we show that their default risk factor looses its explanatory power if one includes a default risk factor measured as a factor mimicking portfolio. It further turns out that the composition of corporate debt affects equity returns in Germany. Firms' default risk sensitivities are attenuated the more a firm depends on bank debt financing

Where do firms manage earnings?

Despite decades of research on how, why, and when companies manage earnings, there is a paucity of evidence about the geographic location of earnings management within multinational firms. In this study, we examine where companies manage earnings using a sample of 2,067 U.S. multinational firms from 1994 to 2009. We predict and find that firms with extensive foreign operations in weak rule of law countries have more foreign earnings management than companies with subsidiaries in locations where the rule of law is strong. We also find some evidence that profitable firms with extensive tax haven subsidiaries manage earnings more than other firms and that the earnings management is concentrated in foreign income. Apart from these results, we find that most earnings management takes place in domestic income, not foreign income.Arthur Andersen (Firm) (Arthur Andersen Faculty Fund

Corporate boards and performance pricing in private debt contracts

This paper investigates the effects of corporate governance on the use of performance pricing in debt contracts on a sample of newly syndicated loans in the U.S. private debt market. While cross-sectional results provide no evidence for the predicted relation between corporate governance quality and the likelihood of using performance pricing in debt contracts, there is evidence for the predicted positive relation between corporate governance quality and the use of interest-increasing performance pricing provisions. Evidence also provides support for the predicted negative relation between corporate governance quality and the use of financial ratio as the measure of performance underlying the provisions. Overall, empirical evidence supports the hypothesis that debt-holders perceive aspects of corporate governance to be beneficial and factor them in their contracting decisions

Default risk, state ownership and the cross-section of stock returns: evidence from China

We apply a structural model to estimate firm-level default risk in China and investigate the stock return predictability of default risk and the moderating effects of state ownership for the sample period from 2003 to 2015. We show unique evidence that in China, default risk is positively associated with expected stock returns and state ownership matters considerably to the return predictability of default risk. We find investors of state-owned enterprises (SOEs) are not compensated appropriately in China despite of their higher default risk exposure. Our empirical evidence supports the conjecture on shareholder advantages and suggests that a strong bargaining power of equity holders would have a negative impact on stock returns

Computer-based technology and student engagement: a critical review of the literature

Computer-based technology has infiltrated many aspects of life and industry, yet there is little understanding of how it can be used to promote student engagement, a concept receiving strong attention in higher education due to its association with a number of positive academic outcomes. The purpose of this article is to present a critical review of the literature from the past 5 years related to how web-conferencing software, blogs, wikis, social networking sites (Facebook and Twitter), and digital games influence student engagement. We prefaced the findings with a substantive overview of student engagement definitions and indicators, which revealed three types of engagement (behavioral, emotional, and cognitive) that informed how we classified articles. Our findings suggest that digital games provide the most far-reaching influence across different types of student engagement, followed by web-conferencing and Facebook. Findings regarding wikis, blogs, and Twitter are less conclusive and significantly limited in number of studies conducted within the past 5 years. Overall, the findings provide preliminary support that computer-based technology influences student engagement, however, additional research is needed to confirm and build on these findings. We conclude the article by providing a list of recommendations for practice, with the intent of increasing understanding of how computer-based technology may be purposefully implemented to achieve the greatest gains in student engagement. © 2017, The Author(s)

Continuance Use Intention of a Gamified Programming Learning System

Published ArticleThe gamification of education offers various advantages including increased engagement of students. Limited research is currently available that can shed light on the influence of various gamification elements in on-line learning environments on the engagement and continuance use intention of students. The objective of the study was therefore to investigate the influence of gamification elements in on-line learning environments on the engagement of students and consequently on the continuance use intention of students. The population of the study consisted of 192 second-year Information Technology students enrolled at the Central University of Technology (Free State). An on-line questionnaire was used to collect data from students. The results indicated that the rewards that students received, as well as their self-expression and status in a gamified programming learning environment are very important to enhance their engagement in these environments. Furthermore, the study revealed that meaningful experiences in on-line learning environments is the leading predictor of continuance use intention of students in gamified programming learning environments. The results of this study could assist instructors in information technology departments of higher education institutions to incorporate gamified programming learning environments into their learning offerings