Experts Matter. Find Yours.
Connect for media, speaking, professional opportunities & more.
Professor Jun Du and Dr Oleksandr Shepotylo from Aston University analysed the effects of the end of the Brexit transition period on UK exports This equals to a nearly 16% of UK total exports in the first half of 2019 and 70% of the documented total reduction in the EU exports in the same period The research suggests non-tariff measures (NTMs) are responsible for the fall in trade between the UK and EU. New research by experts at Aston University for the Enterprise Research Centre (ERC) has found that UK exports experienced a large, negative, statistically significant decline in 2021 at the end of transition after the EU-UK Trade and Cooperation Agreement (TCA) was put in force. The TCA is a free trade agreement signed on 30 December 2020 between the European Union (EU), the European Atomic Energy Community (Euratom) and the United Kingdom (UK). Professor Jun Du and Dr Oleksandr Shepotylo used a Synthetic Difference in Differences (SDID) estimator to construct a counterfactual of the UK had it not exited the EU and entered the TCA, to compare its trading performance. This was done by comparing the actual performance of the UK with the modelled performance in 2021 with the same periods of 2018-2020. They also examined the extent to which the overall TCA effect has been due to the increased frictions due to non-tariff measures (NTMs). They estimate that this amounts to a 22 per cent reduction in exports to the EU and a 26 per cent reduction in imports from the EU over the first half of 2021, relative to the counterfactual scenario of the UK remaining in the EU. The research confirmed that NTMs are responsible for the adverse TCA effect on UK trade with the EU and that the magnitude of loss was significant. It was equivalent to a reduction of £12.4 billion in UK exports over the first six months period of 2021, notably in food and drink, wood and chemicals sectors. This equals to 15.6% of UK total exports in the first half of 2019, and 70% of the documented total reduction in the EU exports in the same period. Jun Du, professor of economics at Aston University, lead on internationalisation research at the ERC and director of the Centre for Business Prosperity (CBP), said: “These results underscore the heavy costs of erecting trade barriers on the UK’s side with its largest trade partner. “Trade frictions, due to sanitary and phytosanitary (SPS) measures (measures to protect humans, animals, and plants from diseases, pests, or contaminants), are acute problems due to the EU exit. “Reducing some of the NTMs between the EU-UK, by exploring mechanisms such as equivalence in SPS measures or other ways to reduce businesses’ burden to the minimum level possible. “More complicated and challenging are the technical barriers to trade, but they could potentially cause significant damage to the UK economy. Maintaining and broadening the established arrangements of the current TCA provision, despite being limited, through some form of mutual recognition of specific practices or international regulations for selected sectors, should be the ambition of UK government to ease the TBT (technical barriers to trade). “Future EU-UK co-operation is critical and mutually beneficial but requires political will and strong leadership.” Dr Oleksandr Shepotylo, a senior lecturer in Economics, Finance and Entrepreneurship Department at Aston Business School, co-wrote the working paper and said: “Continued alignment with the EU regulations was a demand from many businesses throughout the Brexit process, and it is expected to be still important post Brexit. This must be conveyed to policy makers. “In the short term, preparedness and adaptability have rewarded and will continue to reward businesses facing challenges and disruptions. The need for learning and training remains paramount. “In the medium and longer term, businesses will have to stay competitive to retain access to the global market, to perform better in it, and to gain more benefit from it. This is the case for all firms even if the ways to achieve it may differ. In addition, businesses need to consider adopting new business models through which they can balance the need for lean production with resilience, as well as weighing up economic, social, and environmental gains. Despite the many considerable challenges, there are boundless avenues where opportunities for breaking through are present.” You can read the full report on the ERC website here.
Experts in the Media: How to keep loyal customers in post-pandemic world
The COVID-19 pandemic forced many firms to revisit how they look after loyal customers. Enforced border restrictions impacting many countries meant millions of people have been unable to redeem points or enjoy the privileges associated with customer loyalty programs. But with the world opening back up two years later - how those loyalty programs need to adapt has become a hot topic for journalists covering business and travel. Recently, the work of Hyunju Shin, Ph.D., associate professor of marketing at Georgia Southern University, was featured in Mirage, an article that detailed how big players like Singapore Airlines and Marriot managed to keep key customers still incentivized and loyal even though they were stuck at home. If you're a reporter looking to know more - then let us help. Hyunju Shin, Ph.D, is available to speak with media - simply reach out to Georgia Southern Director of Communications Jennifer Wise at jwise@georgiasouthern.edu to arrange an interview today.
It Works on TV - Do Property Rehabs Drive Up Prices in Surrounding Neighborhoods?
When a house is distressed, the negative impact tends to ricochet around its surrounding neighborhood. Distressed homes (e.g. foreclosures) can significantly bring down the value of other homes in the area, as these properties are often poorly maintained and then typically sold at discounted prices In the past, and particularly in the wake of the 2008 subprime crisis, federal and local governments sought to mitigate this negative effect by incentivizing the rehabilitation of distressed properties through programs like the Neighborhood Stabilization Program (NSP). Until now, there has been some skepticism as to whether or not these kinds of initiatives actually work. New research by Goizueta Foundation Term Associate Professor of Finance Gonzalo Maturana and Goizueta’s Assistant Professor of Finance Rohan Ganduri might change the narrative definitively. They have analyzed new data that shows that rehabilitation projects not only help to stabilize housing prices in affected neighborhoods but can also actually increase the value of neighboring properties by as much as four percentage points. Using highly robust, non-parametric statistical analysis methods, Maturana and Ganduri parsed more than 10 years of information on rehabilitated property transactions and real estate prices across the United States. The effect of renovating dilapidated or derelict houses in these areas pushes prices up between 2.3 and four percentage points in their surrounding blocks, they find. And that’s not all. While the average amount spent by authorities on these renovations comes in at roughly $36,000, their study estimates a societal welfare gain of $134,000 per rehabilitated property—almost four times the cost of the rehabilitation. These insights should provide interesting food for thought for the U.S. Congress and local governments, Maturana notes. After the housing crash in 2008, Congress allocated $6.9 billion in funding to the NSP to help stabilize communities affected by high vacancy and foreclosure rates, but the Department of Housing and Urban Development didn’t find any positive impact on local housing markets at the time. “Our findings suggest that rehabilitation projects do drive a positive uptick in prices that can help revitalize distressed neighborhoods,” says Maturana. “And they provide very timely support for policy interventions, such as President Biden’s infrastructure spending program which proposes an allocation of $20 billion to rehabilitate 500,000 single-family homes in low-income neighborhoods in the United States.” With the current economy facing some uncertain times - this is a topic that is important for everyone. And if you're a reporter looking to know more then let us help. Gonzalo Maturana is an associate professor of finance at the Goizueta Business School. He is an expert in the areas of corporate, household and real estate finance. Rohan Ganduri's research interests include banking, credit risk, real estate, household finance, and corporate finance. Both Gonzalo and Rohan are available to speak to media regarding this topic – simply click on either icon now to arrange an interview today.
Expert Insight: Properties on Confederate-named U.S. Streets Sell for Less
Houses on streets that are named after Confederate figures or themes sell for 3% less than similar properties in neighboring areas, says a new study led by John W. McIntyre Professor of Finance, Clifton Green. For an average property worth $240,000, the mean discount works out to around $7,000. Not only that, these homes take considerably longer to sell than comparable houses on streets that are named for secessionists. Green and his co-authors reviewed data from home sales across 35 states in the U.S., analyzing nearly 6,000 transactions between 2001 and 2020. Their data set looked at properties located on streets named after Jefferson Davis, Robert E. Lee, and Thomas “Stonewall” Jackson, as well as the more generic options of “Confederate” and “Dixie.” The majority of these streets are located in former Confederate states, though some are also found in California and Massachusetts, as well as a number of Midwestern and Western states that had not been created before the U.S. Civil War. To be certain of their findings, Green et al looked at homes with similar features and characteristics such as lot size, age, building type, and the number of bedrooms and bathrooms. The findings are unequivocal, says Green, although the effect is not equally distributed across states. What is the Confederate Discount? “The discount in prices for homes of Confederate-named streets is geographically variable. In those states that make up the former Confederacy, the effect is more muted at around two percent,” he notes. “And in some states where you find the most Lost Cause memorials, there may even be a fraction of a percentage point boost in sales for properties on streets with secessionist names.” Beyond the South, the “Confederate discount” effect is notably more visible. The debate around changing street names in the U.S. has gathered momentum in recent years, with some 1,400 streets still named after Confederate figures. Much of the discussion, however, has focused on what Green calls the “principled reasons” for name changes–arguments that may or may not stack up favorably against the cost of changing signs. This new study lends more economic clout to the cause of revising street names in the U.S.–albeit that the effect is more pronounced in Democratic-voting areas or areas with a higher share of Black or highly-educated residents. “In these places, sales on streets with Confederate names dipped even further, going for eight percent less on average, and this is particularly noticeable after events that have shone a spotlight on race inequity or white supremacy in the U.S.” Interested in knowing more? Get in touch today. T. Clifton Green is a Professor of Finance at the Goizueta Business School. He is an expert in the areas of market microstructure, with an emphasis on behavioral finance and his research has been featured in the Wall Street Journal, Barrons, Financial Times, and on CNBC.
Up to four scholarships are being offered to students who have sought refuge in the UK The donor, Matthew Crummack, is CEO of Domestic & General, former CEO of GoCompare and lastminute.com and an alumnus of Aston University The Scholarships are named after the donor’s grandfather, Ernest Edward, who left school at 12 to work in a coal mine. Aston University is launching a new sanctuary scholarship scheme for students who have sought refuge in the UK. Up to four sanctuary scholarships are on offer, due to a generous donation by prominent businessperson Matthew Crummack, currently chief executive of Domestic & General. They will be known as The Ernest Edward Scholarships in memory of the donor’s grandfather, Ernest Edward Crummack, who left school aged 12 to work in a coal mine. Matthew graduated with a BSc in International Business and French at Aston University in 1993. His career to date has taken him into well-known companies such as GoCompare, lastminute.com, Expedia, Nestlé and Procter & Gamble. He was awarded an honorary doctorate by Aston University in 2016, in recognition of his professional achievements and service to the University. Ernest Edward Scholars will receive a full tuition fee waiver and up to £25,000 throughout their course to help with living costs. Language assistance will also be offered if required, as well as support from Aston University Students’ Union and professional mentoring support. To be eligible for an Ernest Edward Scholarship, applicants must be an asylum seeker, the partner or dependant of an asylum seeker or an asylum seeker/refugee/partner/dependant who has been granted Discretionary Leave to Remain (DLR) or some other form of temporary status. Applicants need to apply for an eligible Aston University course - any three-year undergraduate or one-year postgraduate programme - before applying for a scholarship. Applications will close on 12 June for the 2022 round. Speaking about his motivation for funding the scholarships, Matthew said: “My grandfather, whom I sadly never met, had little choice but to leave school at 12 to work in a coal mine. “100 years on, so many young people and especially young refugees, still find themselves challenged to grow and fulfil their potential. I hope that these scholarships will create that opportunity and pave the way for some of tomorrow’s leaders. “I strongly value my Aston University education and believe that business and individuals can take a leadership role in giving back to those facing challenge.” Saskia Loer Hansen, Interim Vice-Chancellor of Aston University, said: “Young people seeking asylum in the UK are likely to have experienced trauma and will have lost much which cannot be replaced. The Ernest Edward Scholarship can contribute to a brighter future, made possible by education. It offers hope and an opportunity for respite. “On behalf of Aston University, I would like to express my deep gratitude to Matthew for his generous and compassionate support in helping to make Aston University a safe haven. It is an act of kindness which will have a profound effect on those young lives.” More information about The Ernest Edward Scholarships is available here.
The demands of fast fulfillment
Consumers now expect packages to arrive in hours, perhaps days but not weeks. Amazon fueled this demand with the promise of speedy delivery of nearly everything you can buy online. Indeed, your doorstep now rivals the loading dock as the main destination for goods. Supply chains are the key to such quick turnarounds: in short, how items move from manufacturers to distributors to consumers. Any hiccups along the way exasperates our increasingly demanding consumers. In short, they want fulfillment to be as easy as clicking to buy something online. Through years of research and experience, NJIT’s Sanchoy Das has become an expert on fast fulfillment, even writing a book on it. It continues to evolve, however, with the prospect of drone deliveries on the horizon. He’s versed on that as well, making him an ideal source for stories that explain how goods and services are delivered in our on-demand economy. Specifically, Sanchoy can explain Logistics Breakdowns in supply chains Industrial engineering Business operations management Data-driven technology To interview him, simply click on the button below.
Dissecting market failures: from root to fallout
From mining coal to mining Bitcoin, a market is always prone to collapse, triggering all types of questions, including: What were the warning signs? How will you know when it has hit bottom? At what point will investors look to capitalize? Is a subsequent upswing temporary or sustainable long-term? NJIT’s Michael Ehrlich speaks authoritatively on market failures, as director of the university’s Henry J. and Erna D. Leir Research Institute for Business, Technology and Society. He also brings real-world expertise, having run his own business and managed units of Salomon Brothers and Bear Stearns. Moreover, Ehrlich excels at explaining the most complex financial issues in plain English. To interview him, simply click on the button below.
Aston University cyber expert to appear at FinTech event in Birmingham
'FinTech Secured – Next Generation' will showcase the work of leading stakeholders in the research and development of financial technology (FinTech) and security Professor Vladlena Benson will offer insight on illicit money flows and trends in Financial Security Registrations are now open for the event on 7 June 2022 at The Compound, Birmingham. The director of the Cyber Security Innovation (CSI) Centre at Aston University is set to appear at a networking event around financial technology (FinTech). Following the success of their first flagship event of 2022 ‘Secure by Design, Advanced Manufacturing’, Midlands Cyber will launch 'FinTech Secured – Next Generation' on the 7 June 2022. The event will be the first face to face event after the pandemic in Birmingham, bringing together thought leaders and service applications specialists for an evening of industry networking. Professor Vladlena Benson, who also serves on the EU’s Agency for Cybersecurity (ENISA) task force defining the Cybersecurity Skills Framework at the European level, will be joined by contacts from within the cryptocurrency sector and offer insight on illicit money flows and trends in financial security. The event will also showcase the work of leading stakeholders in the research and development of FinTech and financial security. FinTech’s academic innovators, CEOs and company founders, entrepreneurs, contractors, investors and policymakers are encouraged to register now to discuss, participate, network and put their questions to our panel of industry experts. Professor Vladlena Benson, an industry-recognised expert in cybersecurity risk management and director of CSI Centre at Aston Business School, said: “Financial services are core to the UK economy and continue to be a common target for cyber criminals. Challenges to the insurance sector and cyber crime prosecution when crypto assets are involved are emerging and at the CSI we are working to provide forensic and data integrity solutions which help secure the FinTech sector.” User of contactless Europay, Mastercard, and Visa (EMV) may be interested in the insights of Tom Chothia, reader in cyber security at the University of Birmingham, on how the vulnerabilities of Apple Pay and Visa could enable hackers to ’Take £1000 from a locked iPhone’. Registrations are now open to join the cluster at 18:00 hrs on the 7 June 2022 at The Compound, Birmingham.
Aston University helps celebrate Apprenticeship Levy Transfer scheme success
• Celebration to recognise 2,500 apprentices who started work across the region • Aston University worked with the WMCA to increase the number of apprenticeships that SMEs can offer by using levy transfer to help fund apprentices • Levy scheme benefitted nearly 800 local SMEs who have been able to take on apprentices thanks to the funding. Staff from the Aston University degree apprenticeship team attended a celebratory event hosted by West Midlands Combined Authority on 11 May to recognise how a pioneering funding scheme has helped nearly 2,500 apprentices start work within businesses across the region. The Apprenticeship Levy Transfer Scheme, which was set up by the WMCA three years ago, covers small and medium-sized enterprises’ (SMEs) training and assessment costs of taking on an apprentice. It uses money pledged by big business from their own unspent Apprenticeship Levy – a Government charge on all employers with a payroll of over £3 million to pay for apprenticeship training. This unspent money would normally go back to Government but under the initiative it is transferred via partnership with the WMCA to fund apprenticeships at smaller local firms. At the event, which was hosted at The Eastside Rooms in Birmingham and attended by levy transfer employer partners, apprentices and businesses from across the West Midlands, attendees had the chance to hear from SME employers and apprentices about how they have benefited from levy transfer. Over the past three years, the levy scheme has funded apprenticeship training for close to 800 local SMEs and nearly 2500 learners, keeping levy money within the region to help local businesses grow and upskill their staff. Degree apprenticeship development manager, Sheila Rattu, from Aston University, said: “Aston University has always supported its SME community and this has been another great way for us to celebrate our non-levy employers and champion a more diverse set of learners whether through Aston University pledging its own surplus funds or utilising the scheme for our own apprentices.” Aston University has worked with the WMCA to increase the number of apprenticeships that SMEs can offer by using levy transfer to help fund apprentices. This has resulted in securing £381,355 for local businesses. The impact from Aston University’s £200,000 levy pledge has also led to: • 23 apprentices having their training and assessments costs covered • 11 local businesses benefitting from our apprenticeship levy donation • increased job opportunities and a boost in skills and productivity across the region. The WMCA set up the Apprenticeship Levy Transfer Scheme to cover 100% of the training and assessment costs of apprentices at SMEs in the West Midlands, using the unspent levy pledged by big employers. During the celebration event David Gaughan, head of employer services at WMCA, shared the current economic situation in the West Midlands highlighting that employment rates are up to a record high, and unemployment rates have returned to pre-pandemic levels. Mayor of West Midlands, Andy Street, also attended the event to celebrate and highlight the commitment for Levy Transfer investment within the West Midlands. Qualification level in West Midlands remains below national average, however apprenticeships actively act as a bridge to support residents with skills and generate a skilled workforce ready for growth. Andy Street, Mayor of the West Midlands and chair of the WMCA, said: “The Apprenticeship Levy Transfer Scheme has been a resounding success for our region – improving skills, providing jobs, and changing lives. I’m pleased therefore we have been able to take a moment to celebrate what we have achieved around apprenticeships in the West Midlands. “Linking up our local talent with the plentiful opportunities on offer in industry is central to my 100k jobs plan as we bounce back from Covid. We must provide routes into high-quality well-paid employment so that the young people in our region have prospects ahead to excite them and keep them and their families here in the years ahead.” The transfer deal agreed with the Government in 2018 was the first of its kind in the country helping to boost skills, job opportunities and productivity by supporting more young people and adults of all ages into work. For more information about degree apprenticeships at Aston University please visit our webpages. For media inquiries, contact Rebecca Hume, Press and Communications Manager: r.hume@aston.ac.uk
Will out of this world ideas be the next big thing for Florida's tourism industry?
Look up. That's where you may find the next billion-dollar tourism idea in America. Space tourism seems to be the next frontier for the industry to conquer. With a price tag of at least $50,000 per customer, the potential is huge. With companies like World View test launching in Florida and Space Perspective already headquartered in the Sunshine State, Florida is on the verge of being a destination for tourists looking to go out of this world. The concept sounds impressive, but there still are questions: • Will customers line up for a $50,000 price-point? • How big (or small) is the market for potential customers? • Is it safe and what are the liabilities? • And, if it takes off, what will the ripple effect be for Florida with an influx of high-end tourists? If you are a journalist covering the potential impact of space tourism in Florida, let us help. Peter Ricci, Ph.D., is a clinical associate professor and director of the Hospitality and Tourism Management program in Florida Atlantic University’s College of Business. He is a hospitality industry veteran with more than 20 years of managerial experience in segments including food service, lodging, incentive travel and destination marketing. Peter is available to speak with the media about space-travel tourism as well as other topics such as the labor shortage in hospitality and tourism. Simply click on his icon to arrange an interview.
