Vlerick Repository


The Vlerick Repository is a searchable Open Access publication database, containing the complete archive of research output (articles, books, cases, doctoral dissertations,…) written by Vlerick faculty and researchers and preserved by the Vlerick Library.

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Making your past and future work Open Access in the Vlerick Repository is easy. Send the details of your research output (incl. post-print version) to research@vlerick.com.

 

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Research Output
Business Research Projects
  • Revisiting the price effect in US stocks

    Geertsema, Paul; Lu, Helen (Finance Research Letters, 2019)
    Nominal price does not predict average stock returns in the cross-section of US stocks using the NYSE break-pointed, value-weighted portfolio formation approach adopted in the recent asset-pricing literature. The evidence in support of return predictability is largely constrained to small stocks, with a “low price effect” more prevalent up to the 1970’s and a “high price effect” more prevalent from 1980 onwards. Among the six asset-pricing models tested in our study, only the Fama–French 3-factor model consistently yields positive alphas for trading strategies based on nominal stock prices.
  • Regulated price and demand in China’s IPO market

    Geertsema, Paul; Lu, Helen (Journal of Banking & Finance, 2020)
    We use simultaneous equations to model the bi-directional causality between IPO initial returns and oversubscription ratios in China. We find that the causality is one-directional from oversubscription ratios to IPO initial returns in the post-reform period (2005–2015), which is consistent with a demand effect. By contrast, a demand effect did not exist in the pre-reform period (1996–2004). Our findings suggest that the 2005 reform of the IPO pricing mechanism has allowed IPO prices to be determined by market forces in China.
  • The correlation structure of anomaly strategies

    Geertsema, Paul; Lu, Helen (Journal of Banking & Finance, 2020)
    We consolidate a large number of mean-significant anomalies into cluster portfolios. More than a third of cluster portfolios remain significant under the Hou et al. (2020) five-factor model — the best performing among six benchmark models tested. A best-first search yields nine factors that subsume all cluster portfolios as well as all significant anomalies, demonstrating the feasibility of a parsimonious description of average realised returns. The expected growth factor (EG) and a cluster portfolio linked to accruals are prominent factors that improve pricing performance. The search-generated model produces a monthly maximum squared Sharpe ratio of 0.51, considerably higher than current benchmark models.
  • Digital resilience factors for mobile payment services

    Alhassan, M.D.; Butler, Martin (2024)
    Imaging and assessing mobile technology for development (M4D) means understanding the use of appropriate technologies and services, and how they directly or indirectly address socio-economic challenges. This book adopts various perspectives to identify the obstacles to affordable digital technologies in order to enable, enhance, and effect development.The book plays on the tension between success reports and optimistic projections, on one hand, and empirical evidence of technological belly splash, on the other hand. The areas covered include infusion of service education in computing education, the Rwandan establishment of African Centres of Excellence to promote the development of appropriate technology, the metaverse's realisation in a mobile network-enabled "metaversity", and difficulties detected when evaluating digitisation of distance learning, students' security awareness, dissemination of agricultural information, and mobile payment. The decolonisation of community-based media and attempts to step outside the mobile network and Internet are also covered.
  • Beyond lazy; external locus of control as an alternative explanation for the privacy paradox

    Whelan, Eoin; Lang, Michael; Butler, Martin (Internet Research, 2024)
    Purpose – The privacy paradox refers to the situation where users of online services continue to disclose personal information even when they are concerned about their privacy. One recent study of Facebook users published in Internet Research concludes that laziness contributes to the privacy paradox. The purpose of this study is to challenge the laziness explanation. To do so, we adopt a cognitive dispositions perspective and examine how a person’s external locus of control influences the privacy paradox, beyond the trait of laziness. Design/methodology/approach – A mixed method approach is adopted. We first develop a research model which hypothesises the moderating effects of both laziness and external locus of control on privacy issues. We quantitatively test the research model through a two-phase survey of 463 Facebook users using the Hayes PROCESS macro. We then conduct a qualitative study to verify and develop the findings from the quantitative phase. Findings – The privacy paradox holds true. The findings confirm the significant influence of external locus of control on the privacy paradox. While our quantitative findings suggest laziness does not affect the association between privacy concerns and self-disclosure, our qualitative data does provide some support for the laziness explanation. Originality/value – Our study extends existing research by showing that a person’s external locus of control provides a stronger explanation for the privacy paradox than the laziness perspective. As such, this study further reveals the boundary conditions on which the privacy paradox exists for some users of social networking sites, but not others. Our study also suggests cognitive dissonance coping strategies, which are largely absent in prior investigations, may influence the privacy paradox

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