Clinton Watkins

This paper investigates the advantages and challenges associated with synchronous and asynchronous activities in intercultural virtual collaboration (IVC) projects, particularly in relation to student satisfaction and learning outcomes. This study draws parallels between two distinct IVC projects. The first facilitated real-time interaction among students, lecturers, and peers from partner universities in the Netherlands and Japan. In contrast, the second project involved separate live classes led by local instructors in the Netherlands and Spain and featured asynchronous interactions among peers. This latter arrangement required students to exercise a greater degree of autonomy in their collaborative efforts. In both IVC projects, students developed a business case study that explored the influence of cultural factors on international marketing strategies. They participated in discussions and reflective exercises concerning the issue of greenwashing within the selected company. Our research employs data derived from students’ final business case reports and satisfaction surveys. The surveys include both closed and open-ended questions to assess the effectiveness of the distinct IVC formats. Our research provides insights into the impact of the IVC formats on the student experience and learning. Findings indicate no substantial differences in the quality of work produced between the two formats; however, student satisfaction was notably higher in the synchronous model, highlighting that the way interactions are structured impacts the collaborative experience, even when final outputs are similar. This study offers important insights for educators navigating the challenges of virtual teaching and for policymakers looking to use digital technologies to foster a globally aware and responsible generation in an increasingly digital world.

The development of the capabilities necessary to foster global citizenship in undergraduate university students is an important goal of many higher education institutions. We assess the impact of intercultural virtual collaboration (IVC) courses on the three key competencies of students—collaborative skills, ethical and social responsibility, and intercultural proficiency—that underpin global citizenship (GC). We analyse pre- and post-course test data related to the learning goals of three IVCs between the universities in the Netherlands and Japan, Spain, and the USA, respectively. Using one-tailed paired sample t-tests, we find statistically significant improvements in each of these competencies and conclude that IVC supports the development of GC in university students, even if they have prior international experience.

Investors frequently criticise Japanese corporations for excessive cash holdings. On average and on aggregate, cash holdings have increased over the last decade. However, there is substantial variation in cash holdings within and between firms. At the same time, many large Japanese firms' businesses have become more international. This research examines how international factors influence firms' cash holdings via the precautionary motive-through overseas sales, foreign ownership, and cultural differences between the parent corporation and its overseas affiliates. Random effects within-between regression is used to jointly estimate the relationships within firms over time and between firms in the cross-section. Internationalisation through overseas sales has positive within and between firm relationships with cash holdings, but foreign shareholding is associated with lower cash holdings in the time series. Positive within-firm effects dominate the relationship between cash holdings and cultural heterogeneity.

Arbitrage and liquidity are interrelated. Liquidity facilitates arbitrageurs’ trading on deviations from the law of one price. However, whether arbitrage opportunity leads to an increase or decrease in liquidity depends on the cause of the deviation. A demand shock leads to greater liquidity, while asymmetric information is toxic to liquidity. We examine how arbitrage and liquidity influence each other in the world’s largest platinum futures markets on exchanges in New York and Tokyo. The markets provide an interesting institutional setting because the futures are based on an identical underlying commodity but exhibit different liquidity characteristics both intraday and over their lifespans. Using intraday data, we find that deviation in currency-adjusted futures prices leads, on average, to an immediate increase in liquidity, suggesting that demand shocks are the dominant driver of arbitrage opportunities. Less actively traded futures experience a greater liquidity effect. Arbitrageurs improve liquidity in both New York and Tokyo by acting as discretionary liquidity traders and cross-sectional market-makers.

Contrary to the findings of previous U.S. studies, we show that the firm-level total factor productivity (TFP) of Japanese manufacturers positively predicts their future stock returns in the cross-section when controlling for relevant risk factors, including those of Fama and French (2015). Risks related to intangible expenditure, primarily those for research and development (R&D) and personnel, explain a substantial fraction of the predictive power of firm-level TFP, while bankruptcy, macroeconomic, and capital expenditure risks do not. More productive firms trade at a significant premium to less productive firms. This premium compensates investors for risks associated with innovation and human and organizational capital formation

International and domestic rankings of academics, academic departments, faculties, schools and colleges, institutions of higher learning, states, regions, and countries are of academic and practical interest and importance to students, parents, academics, and private and public institutions. International and domestic rankings are typically based on arbitrary methodologies and criteria. Evaluating how the rankings might be sensitive to different factors, as well as forecasting how they might change over time, requires a statistical analysis of the factors that affect the rankings. Accurate data on rankings and the associated factors are essential for a valid statistical analysis. In this respect, the Times Higher Education (THE) World University Rankings represent one of the three leading and most influential annual sources of international university rankings. Using recently released data for a single country, namely Japan, the paper evaluates the effects of size (specifically, the number of full-time-equivalent (FTE) students, or FTE (Size)) and internationalization (specifically, the percentage of international students, or IntStud) on academic rankings using THE data for 2017 and 2018 on 258 national, public (that is, prefectural or city), and private universities. The results show that both size and internationalization are statistically significant in explaining rankings for all universities, as well as separately for private and non-private (that is, national and public) universities, in Japan for 2017 and 2018.