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Emory Experts - Why Companies Invest in Local Social Media Influencers
Companies seek local influencers to pitch products. Even though most influencers amass geographically dispersed followings on social media, companies are willing to funnel billions of sponsorship dollars to multiple influencers located in different geographic areas, effectively creating sponsorships that span cities, countries, and in some cases even, the globe. The desire to work with local influencers has spawned advertising agencies that specialize in connecting companies with influencers and may soon redefine the influencer economy. This trend has merit, our research team finds. In a new Journal of Marketing study, we show a positive link between online influence and how geographically close an influencer’s followers are located. The nearer a follower is geographically to someone who posts an online recommendation, the more likely she is to follow that recommendation. To investigate whether geographical distance still matters when word of mouth is disseminated online, our research team examined thousands of actual purchases made on Twitter. We found the likelihood that people who saw a Tweet mentioning someone they follow bought a product would subsequently also buy the product increases the closer they reside to the purchaser. Not only were followers significantly associated with a higher likelihood to heed an influencer’s recommendation the closer they physically resided to the influencer, the more quickly they were to do so, too. We find that this role of geographic proximity in the effectiveness of online influence occurs across several known retailers and for different types of products, including video game consoles, electronics and sports equipment, gift cards, jewelry, and handbags. We show the results hold even when using different ways to statistically measure the effects, including state-of-the-art machine learning and deep learning techniques on millions of Twitter messages. We posit that this role of geographic proximity may be due to an invisible connection between people that is rooted in the commonality of place. This invisible link can lead people to identify more closely with someone who is located nearby, even if they do not personally know that person. The result is that people are more likely to follow someone’s online recommendation when they live closer to them. These online recommendations can take any form, from a movie review to a restaurant rating to a product pitch. What makes these findings surprising is that experts predicted the opposite effect when the internet first became widely adopted. Experts declared the death of distance. In theory, this makes sense: people don’t need to meet in person to share their opinions, reviews, and purchases when they can do so electronically. What the experts who envisioned the end of geography may have overlooked, however, is how people decide whose online opinion to trust. This is where cues that indicate a person’s identity, such as where that person lives in the real world, come into play. We may be more likely to trust the online opinion from someone who lives in the same city as us than from someone who lives farther away, simply because we have location in common. Known as the social identity theory, this process explains how individuals form perceptions of belonging to and relating to a community. Who we identify with can affect the degree to which we are influenced, even when this influence occurs online. Our findings imply that technology and electronic communications do not completely overcome the forces that govern influence in the real world. Geographical proximity still matters, even in the digital space. The findings also suggest that information and cues about an individual’s identity online, such as where he/she lives, may affect his/her influence on others through the extent to which others feel they can relate to him/her. These findings on how spatial proximity may still be a tie that binds even in an online world affirm what some companies have long suspected. Local influencers may have a leg up in the influence game and are worth their weight in location. For these reasons, companies may want to work with influencers who have more proximal connections to increase the persuasiveness of their online advertising, product recommendation, and referral programs. Government officials and not-for-profit organizations may similarly want to partner with local ambassadors to more effectively raise awareness of—and change attitudes and behaviors towards—important social issues. Goizueta faculty members Vilma Todri, assistant professor of Information Systems & Operations Management, Panagiotis (Panos) Adamopoulos, assistant professor of Information Systems & Operations Management, and Michelle Andrews, assistant professor of marketing, shared the following article with the American Marketing Association to highlight their new study published in the Journal of Marketing. To contact any of the experts for an interview regarding this topic, simply click on their icon to arrange a time to talk today.
Emory Experts - Post-Financial Crisis: How Well do Mutual Fund Stocks Fare?
Following the global financial crisis in 2008, the assets of passively managed mutual funds have ballooned, while the market share of actively managed funds has fallen dramatically. Addressing this topic, a new research has been coauthored by Jeffrey “Jeff” Busse, professor of finance, and Goizueta alumni Kiseo Chung 17PhD, assistant professor of finance, Texas Tech University and Badrinath Kottimukkalur 17PhD, assistant professor of finance, George Washington University. In their paper, the researchers explain the shift in assets from actively managed funds to passive funds, “Impediments to Active Stock Selection and the Growth in Passive Fund Management. In 1999, Busse and his coauthors explain, the net assets of passive funds were “less than an eighth the assets of active funds.” But by the end of 2019, “the market share of passive equity funds increased to more than 50 percent,” Busse, Chung, and Kottimukkalur note. Passive funds track indices such as the S&P 500, Dow Jones Industrial Average, NASDAQ Composite, and Wilshire 5000—all indices that have been difficult to beat over the last decade. According to the Wall Street Journal, from 2008 to 2018, more than 80 percent of actively managed funds in the U.S. underperformed the S&P Composite 1500. This is in large part, the trio notes in their paper, because the so-called “FAANG” stocks—Facebook, Apple, Amazon, Netflix, and Google—comprise such a large part of these indices. In fact, the top 10 stocks in the S&P 500 currently make up around 30 percent of its market cap. “The market caps of these companies are huge, and they’ve done exceptionally well since the financial crisis,” Busse explains. Hence, active fund managers and their teams of analysts have found it much more challenging to discover undervalued and overlooked stocks with positive alphas ─ the stocks that outperform an index. “As such, a general move toward passively managed funds is not so surprising,” the paper reveals. Finding Diamonds and Avoiding Duds Making it even more difficult to find diamonds in the rough is a lack of volatility in the stock market. Except for some isolated periods, including the month or so around the start of the pandemic in March 2020, the market hasn’t experienced much volatility since 2008. Without wide swings in prices, fund managers have less opportunity to buy low and sell high. Over the same time period, aggregate stock liquidity has also been high, which means less chance for fund managers to pick up winners at bargain prices. “When there’s money in the market—when there’s liquidity—it means there aren’t a lot of disagreements on prices,” explains Busse. “Liquidity is inversely related to mispricing,” the researchers explain in their paper. This combination of circumstances—the rise of the FAANG stocks, the lack of market volatility, and higher liquidity—is making it much more difficult for actively managed funds to find stocks that will help their funds beat the indices, and therefore, outperform the passive funds. As a result, justifying their management fees gets more complicated. According to Thomson Reuters Lipper, the average expense ratio (management fees divided by total investment in a fund) for actively managed funds is 1.4 percent compared to 0.6 percent for the average passive fund—nearly three times as much. While active fund managers have realized that these higher costs are no longer paying off and have moved to reduce them, actively managed funds continue to lose market share. Market Share Gain of Passively Managed Funds While the authors weren’t surprised by the growth of passively managed funds, they were surprised by how much they grew. From 1999 to 2019, the authors note, the number of actively managed funds grew by 11 percent, while the number of passively managed funds increased by 244 percent. “There haven’t been any papers that try to explain why passive funds have gained so much market share,” says Busse. He and his coauthors believe their research illustrates that it’s in large part because the market, post-financial crisis, is challenging for stock pickers. “As such, it has been difficult for actively-managed funds to recoup the costs associated with active management, and compared to earlier periods, passively managed funds are better positioned to gain market share,” they explain. “As the payoffs to active management decrease, it becomes more difficult to justify the costs of active management, and, thus, we expect funds to decrease these costs given their negative performance implications.” Busse doesn’t believe the current fund management environment will continue indefinitely. When the pandemic knocked the S&P 500 down 30 percent in March 2020, managers did gain opportunities to find positive alpha stocks—which they bought. “It’s just, on average, over the last 10 years, there haven’t been enough of those opportunities,” explains Busse. “It’s a matter of hanging in there and, in some sense, keeping your investors from fleeing to passive funds until the environment is a little bit better.” Jeffrey Busse is the Goizueta Foundation Term Professor of Finance where his research focuses on investments, with an emphasis on mutual funds. Jeff is available to speak with the media regarding this important topic – simply click on his icon now to arrange an interview today.
CAA Insurance Company is proud to announce the expansion of Canada’s first and only pay-as-you-go auto insurance payment program, CAA MyPace™, in Ontario. The program allows motorists to monitor how much they are driving and to pay for auto insurance based on that mileage. After three years where thousands of Ontario drivers have benefitted from CAA MyPace, CAA Insurance is now providing greater savings by expanding access to those who drive less than 12-thousand kilometres annually. Previously it was designed for those who drive less than 9-thousand kilometres. “Since the launch of the program back in 2018, CAA MyPace has been generating a great deal of interest in the market, and consumers are asking for it by name,” said Matthew Turack, president, CAA Insurance Company. “As many Ontarians continue to drive less than they did two years ago, we are excited to make this program available to even more Ontario drivers.” The uniqueness of CAA MyPace in the Ontario auto insurance market has resulted in considerable interest by drivers. The number of new CAA MyPace policies during the pandemic period of January - September 2021, increased by 418 per cent compared to the same pre-pandemic period of January - September 2019. The growth directly results from customers who made the switch to CAA MyPace and are seeing significant savings. On average, CAA’s pay-as-you-go policyholders save 50 per cent on their auto insurance costs compared to a traditional policy. An August 2021 survey of over 2,100 Ontarians, conducted by CAA Insurance, indicated that 64 per cent of respondents would consider a pay-as-you-go product now or at their time of renewal. “Expanding our lifestyle products and programs gives CAA Insurance the ability to be responsive to the needs of our customers and to ensure that we are there for them in every stage of life,” says Turack. New customers can enrol in the expanded CAA MyPace program starting November 15, 2021. Existing CAA MyPace customers will be automatically transitioned into the expanded program, with no additional costs at renewal, effective January 15, 2022.
Tomorrow's Election Day, and it’s all eyes on Virginia!
In what is shaping up to be one of the most contested gubernatorial races in recent history, it’s all coming down to Election Day. Media from across the country are all watching and trying to get all the expert insight they can on why this election is so important and what winning or losing could mean for not just the state – but the mid-term elections coming up next November. UMW’s Stephen Farnsworth is the ‘go-to’ for major media outlets across America and for international media following U.S. and Virginia politics. Recently, CBS News called on him to lend his expertise on just where this race sits. "The race for governor in Virginia is in its final stretch with just two weeks to go before Election Day. Former Governor Terry McAuliffe, the Democratic candidate, and Republican nominee Glenn Youngkin have clashed on several issues related to schools from charter schools to vaccine mandates for teachers and students. Stephen Farnsworth, director of the Center for Leadership and Media Studies at the University of Mary Washington, joins CBSN AM to discuss." October 19 - CBS News Dr. Stephen Farnsworth is a sought-after political commentator on presidential politics. He has been widely featured in national media, including The Washington Post, Reuters, The Chicago Tribune and MSNBC. If you are a reporter covering Virginia's gubernatorial race, simple click on his icon to arrange an interview today.
What can America expect as supply chain issues leave the auto industry stuck in park?
America’s auto industry is slowing down – and this time the main source is not a matter of labor issues or a lack of customers. This time this crisis, like those plaguing so many other industries lies in the tangled web of supply chain issues that is challenging manufacturing, industries and economies across America and the continent. In the United States, the auto industry has been hit particularly hard. The nation’s largest automaker and the rest of the global auto industry have been sporadically shutting down plants since late last year due to the semiconductor shortage, which has cut supplies on dealer lots and driven new vehicle prices to record levels. To be sure, production still isn’t back to normal because some of the factories will only run on one shift per day. Phil Amsrud, senior principal analyst for IHS Markit who studies the chip market, said GM’s move is a good sign, but doesn’t signal the end of the chip shortage. “It’s just not a sign that the patient is through all the rough spots and it’s a matter of weeks before they’re released from the hospital,” he said. October 22 - Associated Press There has been a lot of coverage, and a lot of questions asked as to how this happened and what it will take to untangle the mess. And that’s where experts from Augusta can help with coverage. "There are several factors but the main themes are suppliers inability to react to the increased demand, and governmental policies and responses,” explains Dr. Mark Thompson an economist and expert regarding the industrial issues facing America. “When COVID initially hit, demand dropped considerably. As it relates to the shortage of computer chips, what do you think consumers were demanding during the early phase of COVID...computers, laptops, handheld devices, etc. Technology companies responded and chip manufacturers switch to produce these items. Now, as consumers demand for new cars pick up, there is a shortage of the chips necessary for new cars. As it relates to government intervention, the stimulus has also increased demand for various goods and services furthering the shortage." As for how long will it take for America to see the supply chain replenished? "Good guess,” says Thompson. "I would say that we should expect to continue to see these shortages through the rest of 2021 and part of the way in 2022." If you’re a journalist covering the ongoing supply-chain issues – then let our experts help with your stories. Dr. Mark Thompson is an economist with highly accomplished work in business conditions, risk analysis, energy and the healthcare industry. Dr. Thompson is available to speak with media regarding the economic and industrial issues facing America during this supply chain crisis - simply click on his icon now to arrange an interview today.
Prices are going up, shipments are being delayed and there are shortages of good and essential parts and pieces hindering almost every aspect of industry and manufacturing across America. The topic is getting attention from media outlets across the country as retailers and shoppers adapt to the problem. Hasbro Inc (HAS.O) said on Tuesday global supply chain disruptions cost it about $100 million in lost toy orders in the third quarter, and the company warned of a further hit to sales during the crucial holiday shopping season. While demand has surged over the last year, factory shutdowns, a lack of container ships and long port delays have fueled fears of a shortage of toys to put under Christmas trees during the holiday season. October 26 - Reuters Amazon on Monday reassured shoppers and industry watchers that it’s well-prepared to avoid supply-chain challenges during the holiday season. In a blog post, Amazon said a combination of planes, trucks, ships and delivery vans, along with staffed-up warehouses, has put it in a good position to “get customers what they want, when they want it, wherever they are this holiday season.” Retailers are entering what’s poised to be a particularly challenging holiday shopping period, due to existing supply-chain woes, inflationary pressures and labor shortages. Several factors are behind the issues, including skyrocketing shipping container costs and container shortages, Covid-19 outbreaks at shipping ports, as well as a shortage of workers needed to unload containers and handle goods at warehouses. October 25 - CNBC The United States is facing a supply chain crisis that it has never seen before. Some are blaming COVID, trade deals and shipping. The issue is causing serious trouble for America’s already fragile economy. If you’re a journalist covering this important topic let our experts help with your questions and stories. Georgia Southern University's Jerry Burke, Ph.D., is a professor in the Department of Logistics and Supply Chain Management. Burke researches manufacturing and service operations. He is available to speak with media regarding this important issue - simply click on his icon now to arrange an interview.
MEDIA RELEASE: Ten things Ontarians need to know prior to booking travel abroad
CAA South Central Ontario (CAA SCO) has compiled a list of ten things that Ontarians should be aware of if they are considering travelling abroad. “Now that the Canadian government is no longer advising against non-essential travel due to COVID-19, those who are considering booking a trip should make sure they understand the scope of what travel looks like at the moment,” said Kaitlynn Furse, director, corporate communications, CAA Club Group. “The checklist for planning a trip has changed and we want to help people navigate this new environment.” Through consultation with its top travel agents, CAA SCO has identified ten key considerations that potential travellers may not be aware of. Anyone who is considering travel in the current environment should make sure they have looked into the following and remember that travel requirements and regulations are continually changing. 1. Confirm the COVID-19 situation at destination prior to booking. Understand the risk level associated with travel to a particular destination by checking the Government of Canada Travel Advice and Advisories website. While the Global Affairs Canada Level 3 Travel Advisory to avoid all non-essential travel has been lifted, individual travel advisories do remain on a country-by-country basis. It is important that Canadians understand the ongoing uncertainty associated with international travel, whether that be related to the continued community transmission of COVID-19, or state of health care systems in destinations hit hard by the pandemic. 2. Understand the type, timing, cost and accessibility of required COVID testing. Every country has different requirements when it comes to the COVID tests that are needed prior to travel, and every country has different testing capacities once you are there. There are also requirements in order to return to Canada. Make sure you understand the difference between molecular PCR and rapid antigen tests, in what time period tests must be taken, the associated costs and locations where these tests are available. 3. Confirm change and cancellation flexibility with your travel service provider. Many airlines and hotels have been providing more flexibility when it comes to refunds and changes to bookings. Make sure you understand any key dates related to cancellation and changes and whether you are entitled to a refund or a future travel voucher or credit at the time of booking. 4. Buy travel insurance and understand what is covered. Make sure you have $5 million in coverage for emergency medical situations and that illness related to COVID-19 is included. Understand your entitlements for things like denied boarding in the event of a positive test and coverage related to isolation expenses. 5. Prepare required travel documentation and the format it must be presented in, for both Canada and your destination. Canadians returning home should have all required documentation loaded onto the ArriveCAN App or website. Each destination has varying requirements, so make sure you fully understand what information you need to have ready and in what format. Make sure you also take into consideration connections and any requirements in the connecting destination due to lay over or delays. 6. Take note of local public health rules prior to departure. Many destinations have measures in place such as curfews and quarantine requirements. You should also understand what the regulations are if you happen to test positive for COVID-19 in the country you are visiting. 7. Be aware of changes between booking and departure. Make sure you reconfirm all the details that were researched prior to booking, to ensure they are still accurate prior to departure. What was true when a trip was booked may not be the case by the time you are ready to travel. 8. Double check all research with the appropriate embassy or consulate. Travel at this time is complex and many factors can change quickly, so ensuring you have the most up to date and accurate information is essential. 9. Plan for extra time. From disembarkment and customs to retrieving luggage and exiting the airport, most things on the travel journey are taking longer than during pre-COVID travel times. Also note the check-in and baggage drop off deadline for your flight as it may require you to arrive earlier than anticipated. 10. Stay connected. Fully unplugging while travelling is likely a thing of the past. It is important to have access to trusted, up-to-date information while travelling so you can monitor changing conditions and requirements and adapt accordingly. Bookmark the Global Affairs Canada website prior to departure and check it regularly while abroad. It is also a good idea to sign up for Registration of Canadians Abroad and stay in touch with a family or friend that has knowledge of your travel plans.
Presidential plantations – are they leaving out slavery when telling the story of America’s history?
The presidential plantations once belonging to George Washington, Thomas Jefferson, James Madison and James Monroe are picturesque destinations for tourists who want to learn more about these Founding Fathers from Virginia. But these museums often fail to adequately tell the stories of the enslaved people who lived and toiled there. UMW Professor of Geography Stephen Hanna's research on the topic was recently highlighted in Northern Virginia Magazine. Do plantation museums do justice to the memory of the enslaved? Local professor Stephen Hanna wanted to find out, so in 2014 he joined a team of researchers associated with TourismRESET, a world-wide network of scholars who study and challenge social inequity in tourism. Hanna, who teaches geography at the University of Mary Washington in Fredericksburg, received a grant from the National Science Foundation, enabling him to lead undergraduate students through multi-year research on how narratives and exhibits about enslaved populations and slavery were presented or absent at 15 different plantation sites. The goal was to present their findings to museum managers and thus facilitate more historically accurate and meaningful tours. His team is in the final stages of publishing a book summarizing their data and findings, to be released in March 2022. The full article is attached below and is well worth the complete read. If you are a journalist covering this critical topic about American history, then let us help with your questions and stories. Dr. Hanna is available to speak with media regarding this topic. Simply click on his icon to arrange an interview.
All eyes on Virginia – What’s at stake as the race for Governor goes into overdrive
Virginians are already voting to elect a new governor – and as political junkies, pundits and media across America know, this race could paint a picture of what’s to come in next year’s midterm elections and even as far away as 2024. Stephen Farnsworth, a political science professor at University of Mary Washington, said Mr. Biden's ability to sell his agenda will be "significantly deteriorated" if Republicans win the governor's mansion in Virginia. "If a Biden-like message offered by McAuliffe doesn't succeed in purple Virginia, a lot of Democrats around the country will wonder if it makes more sense to chart a more independent course," he said. CBS News – October 07 Dr. Stephen Farnsworth is a sought-after political commentator on presidential politics. He has been widely featured in national media, including The Washington Post, Reuters, The Chicago Tribune and MSNBC. If you are a reporter covering Virginia's gubernatorial race, simple click on his icon to arrange an interview today.
It’s the bug that been in the news all summer long. The spotted lanternfly is an invasive species that was first spotted on American soil seven years ago and is now moving at a fever pitch across the country. The petulant pest has the potential to devastate crops and agriculture – and there were hopes that steps to eradicate or at least minimize the insect’s spread would work. That’s why media are looking to experts like Josephine Antwi from the University of Mary Washington for answers. "The key right now, is to keep them from spreading and to keep their numbers down in areas where they currently occur," said Josephine Antwi, an entomologist at the University of Mary Washington in Virginia. "By destroying egg masses in the winter, we keep the number of the following generation down." September 30 - NorthJersey.com If you're writing about the Spotted Lanternfly, Dr. Antwi is available to speak with media; simply click on her icon to arrange an interview today.