Jumps in Rank and Expected Returns. Introducing Varying Cross-sectional Risk

Decision theorists claim that an ordinal measure of risk may be sufficient for an agent to make a rational choice under uncertainty. We propose a measure of financial risk, namely the Varying Cross-sectional Risk (VCR), that is based on a ranking of returns. VCR is defined as the probability of a sharp jump over time in the position of an asset return within the cross-sectional return distribution of the assets that constitute the market, which is represented by the Standard and Poor's 500 Index (SP500). We model the joint dynamics of the cross-sectional position and the asset return by analyzing (1) the marginal probability distribution of a sharp jump in the cross-sectional position within the context of a duration model, and (2) the probability distribution of the asset return conditional on a jump, for which we specify different return dynamics depending upon whether or not a jump has taken place. As a result, the marginal probability distribution of returns is a mixture of distributions. The performance of our model is assessed in an out-of-sample exercise. We design a set of trading rules that are evaluated according to their profitability and riskiness. A trading rule based on our VCR model is dominant providing superior mean trading returns and accurate estimation of the Value-at-Risk.Duration, Mixture of distributions, Nonlinearity, Reality check, Trading rule, VaR

Une approche de l’étude du droit et du colonialisme : vers une perspective autohistorique amérindienne sur le changement juridique, la colonisation, les sexes et la résistance à la colonisation

This paper outlines the theoretical perspective we have developed to guide the research we are undertaking on law and colonialism in the Canadian west. Although developed specifically as a tool for defining the theoretical boundaries of our own research, this theoretical perspective may be applied more generally by researchers involved in research on the history of law and social control in colonial societies. The theoretical perspective that we propose is grounded in theoretical and empirical work from a number of different fields, including the history and sociology of social control, the study of legal pluralism, and the study of the process of colonization as it has been approached in recent years by feminist scholars and First Nations historians. The purpose of this paper is to show how this new Amerindian autohistorical perspective can be used to help generate research on the interconnected issues of legal change, colonization, gender, and resistance

THE IMPACT OF A PHARMACY EMPLOYEE ENGAGEMENT PROGRAM ON MEDICATION ERRO

PURPOSE: Studies have shown a positive correlation between employee engagement and performance. However, these studies are primarily focused on medical staff and nursing performance. There is limited data on the effects of employee engagement among pharmacy staff. The objective of this study is to engage inpatient dispensing pharmacists and pharmacy technicians in the prevention of medication errors by implementing a multifaceted employee engagement program and assess its impact on the quantity of externally reported medication- related errors. METHODS: This study is a pre/post comparison of externally reported medication-related error rates after implementation of an employee engagement program. The employee engagement program was piloted for a period of three months, from December 2019 through February 2020. The employee engagement program was comprised of several different initiatives. Medication error reports were collected from August 2019 until February 2020, a period of three months before and after implementation. The reports were categorized into three categories: delivery errors and/or delays, medication mis-fills, and medication labeling errors. Data collected from the reports included medication involved, event date, event category/type, event description, and pharmacy manager responsible for event follow-up. The event reporter category, whether internal or external from the pharmacy department, was also collected. Internal reports were excluded to prevent potential bias. Reports related to parenteral nutrition orders and chemotherapy orders were excluded. Employee engagement was assessed using the Gallup Q12 Employee Engagement survey administered to staff before and after the implementation of the program. RESULTS: In the pre-implementation period, there was a total of 89 medication-related error events reported. The most common reported error was in delivery errors/delays (48.3%). During the post-implementation period, a total of 84 medication-related errors were reported. The most common reported error post-implementation was in medication mis-fills (44%). There was a total of 51 responses from the online survey pre-implementation and 76 responses from post- implementation, resulting an increase of 49%. The individual responses from the survey were not statistically significant. CONCLUSION: Although a significant decrease in medication errors was not observed, the recommendation is to continue this employee engagement program. There was no statistically significant increase from the survey results, however it is recommended that an annual survey is deployed to continue to assess engagement. Employing methods of engagement is one way to ensure the team remains motivated and committed to the department’s mission and vision, giving meaning to their role and responsibilities and ultimately improving their performance, leading to a decrease in medication errors

How can live streamers enhance viewer engagement in eCommerce streaming?

eCommerce live streaming has enabled new forms of customer engagement, where live streamers, viewers and platform owners engage each other in real time to hawk and trade goods and services. Central to live streaming sales are live streamers. It is therefore critical to discover techniques to maximize live streamers’ engagement with viewers. Based on the intimacy theory, we propose the perceived intimacy live streamers created improves online engagement with viewers. Our survey results suggest streamers’ authenticity, attitudinal similarity and customer response capability enhance intimacy perceived by online viewers, leading to viewers\u27 online engagement. Contributions of our study are discussed

Size does Matter: How do Micro-influencers Impact Follower Purchase Intention on Social Media?

Social media influencers have become a significant source of information for customers and a prevalent marketing tool for brands. It is crucial to explore factors that affect the follower’s purchase intention of the products endorsed by social media influencers. Recently, micro-influencers have gained recognition for their authenticity and relatability when compared with their established counterparts, such as macro- or mega-influencers. Increasing organizations also see the value micro-influencers can bring to their brands via more interaction with their target customers. Based on the parasocial interaction theory, we propose that the perceived credibility and transparency of micro-influencers enhance followers’ purchase intention through the mediation of parasocial interaction. Parasocial interaction is a kind of psychological relationship in which followers consider influencers as their friends, regardless of their limited interactions with those influencers. Our findings indicate that parasocial interaction between micro-influencers and their followers positively impacts purchase intentions of recommended products. It is also found that perceived micro-influencer credibility and transparency positively affect followers’ parasocial interaction with microinfluencers. Implications of our findings are discussed