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Ultimately, the required reserves were not sufficient enough to protect these banks in the event of declining asset prices. At the same time, employees at these banks were still being compensated based on profitability and not risk aversion, this was a lethal combination.
As evidenced in this paper, numerous warning signals were evident prior to the 2008 financial crisis. The twenty year period of erosion of the Glass-Steagall Act contributed to the financial crisis by providing an opportunity for the explosion of the sub-prime mortgage market and creation of derivative instruments which fell outside the banking authority’s realm of responsibility. Had Federal Reserve oversight been more stringent, perhaps excessive lending to largely financially unqualified American consumers could have been minimized, preventing the five largest investment banks from overleveraging to the point of disaster. The authors provide a clear case in support of strengthening the core requirements for both investment and commercial banks.
REFERENCESAgency ’04 Rule “Let Banks Pile up New Debt,” New York Times, October 2, 2008.
Andrew, Lo. “Reading About the Financial Crisis: a Twenty one Book Review,” Journal of Economic Review 151. March 2012 Binger, Jon. “How Congress Helped Create the Subprime Mess,” Fortune January 31, 2008 Blinder, Alan S. “After the Music Stopped,” New York: Penguin Books, 2013[p. 268] GCBF ♦ Vol. 11 ♦ No. 1 ♦ 2016 ♦ ISSN 1941-9589 ONLINE & ISSN 2168-0612 USB Flash Drive 258 Global Conference on Business and Finance Proceedings ♦ Volume 11 ♦ Number 1 Bradsher, Keith. [November 29, 1994], “U.S. Proposes Letting Banks Enter New Fields,” New York Times Carmassi, Jacopo, Gros, Daniel. Micossi, Stefano. “Global Financial Crisis, Journal of Common Market Studies,” 2009, Vol. 47. No. 5. [p.983] Financial Crisis Inquiry Commission. “The Financial Inquiry Report: Final Report to the National Commission on the Causes of the Financial and Economic Crisis in the United States,” Washington, D.C. US Printing Office, 2011 [p.
45] “Glass-Steagall Act,” , Topics, New York Times.com/topics/reference/timestopics “Is Deregulation to Blame for the Financial Crisis,” www.Newsandinsight/Thomasreuters.com/Securities Insight 2012 Kwak, James. “What Did the SEC Really Do in 2004?” www.baselinescenario.com /2012/01/30 Pearstein, Steven. “Shattering the Glass-Steagall Myth,” www.washingtonpost.com/letsshatterthemyth.
Sandy Weill: “The Banker Who Bought Bill Clinton and Shattered Glass-Steagall,” www.softpanorama.org/skeptical/financial.
[p.1.] Sherman, Matthew. “Short History of Financial Deregulation in the U.S., Center for Economic Policy and Research,” July 2009, [p.1.] “The Global Financial Crisis: Causes and Cures,” Journal of Common Market Studies, 2009. Vol. 47, No.5, [p.992] Timothy F. Geithner. “Stress Test: Reflections on Financial Crises,” (New York: Crown Publishers, 2014) [p.392] Wilson.Peter. “Five Myths about Glass-Steagall,” The American Magazine.
GCBF ♦ Vol. 11 ♦ No. 1 ♦ 2016 ♦ ISSN 1941-9589 ONLINE & ISSN 2168-0612 USB Flash Drive 259 Global Conference on Business and Finance Proceedings ♦ Volume 11 ♦ Number 1
AN EMPIRICAL LOOK INTO THE PERCEPTION OF
PODCASTING AS VIEWED BY ONLINE BUSINESS
FACULTY AND STUDENTS: DOES PODCASTING
PROVIDE AN EFFICIENCY THAT SHOULD BE
FUNDED, OR IS IT A WASTE OF RESOURCES? CAN
PODCASTING PROVIDE AN ALTERNATIVE TO
EXPENSIVE TEXTBOOKS?Nicole Ortloff-Wensel, Our Lady of Holy Cross College
Colleges and Universities are looking for ways to reduce student costs and improve student learning retention. Podcasting has been in play for ten years now, giving time for a broader audience to use this technology. This paper presents the findings of a study which looks at use and felt effectiveness of podcasting in online courses by both faculty and students. The survey looks at how podcasting may aid in improving focused student learning. How willing faculty is to use podcasting in place of costly textbooks is answered. The frames of this survey include: awareness, utility, effectiveness, learning styles, technology, and cost. In 2015, a survey given to online graduate and undergraduate Business students and faculty at four higher education U.S. institutions. Results suggest that faculty should consider using podcasting in online courses to place focus on providing further explanation of stated learning objectives in order to meet the expectations and needs of today’s student population.
JEL: A2 KEYWORDS: Awareness, Utility, Effectiveness, Learning Styles, Technology, and Cost
INTRODUCTIONStudent use of social networking technologies has grown in recent years, producing an expectation of further use in education. Much research collected over the last 10 years measures opinion and use of podcasting in higher education. This study looks at how podcasts have infiltrated higher education learning.
Student and faculty perception of podcast effectiveness in aiding multiple learning styles to achieving learning outcomes is shown. The possibility of using podcasts as a focused response to rising textbook costs is examined.
Podcasting awareness and use is continuing to see an upward trend, although slowing. An Edison Media survey found that 49% of Americans feel that they are familiar with the term “podcasting”, up from 22% in 2006 (Webster, 2015). Students still want traditional methods of teaching and learning, but in addition are showing signs of acceptance of new methods that they feel increase student learning, such as podcasts (Robson & Greensmith, 2010). Students seek out ways to improve learning, including through text messaging, RSS feeds, podcasts, and social networks (Cassidy, Britsch, Griffin, Manolovitz, Shen, & Turney, 2011). Practical uses for podcasting could aid in improving attention and facilitate note-taking, by allowing for repeated viewing (Khechine, Lakhal, & Pascot, 2013; Evans, 2008). The study also showed that some disadvantages include the lack of interaction and visual contact (Khechine et.al, 2013). In a study by Berger (2007), students noted a favorable response to podcasting use in explanation of problem solving.
GCBF ♦ Vol. 11 ♦ No. 1 ♦ 2016 ♦ ISSN 1941-9589 ONLINE & ISSN 2168-0612 USB Flash Drive 260 Global Conference on Business and Finance Proceedings ♦ Volume 11 ♦ Number 1 Faculty looks for ways to encourage student interaction in online education. Using video podcasts including: instructor announcements, weekly or chapter attention grabbers, or discussion starters can be a way to promote student engagement. Allowing students to get address one another via podcast is another way of making the lessons more personal and interactive. Getting students to create and present their own podcasts is an active way to reach course goals where oral presentation assigned (Carnegie Mellon, 2007).
Instructional designers expect to see an increase in information “chunking” (Donnelly & Berg, 2006).
Chunking of information allows students to learn targeted information quickly. McCoog addresses each multiple intelligence learner through activities using technology (McCoog, 2007). Although McCoog proposes using the Internet, he does not mention podcasting and how it can address each learner preference.
As technology has become more common education has heeded the call with an updated approach to the widely used Bloom's Taxonomy. All levels of Bloom’s may be reached through a combination of podcasts and classroom response systems, known as “clickers” (Graver & Roberts, 2013). Graver and Robert’s (2013) reference to using “clickers” to achieve the “do” and “evaluate” concepts, while using podcasts to cover lecture material.
Mayer’s Cognitive Theory of Multichannel Learning states that students need both words and images to ensure learning (Mayer, 2003). The theory is based on three theoretical assumptions. Dual channel assumption notes that learning needs to meet two different channels, using both visual images and verbal sounds for full processing to occur (Clark & Paivio, 1991). The limited capacity assumption states that how much people can process is limited, potential is there for information overload (Clark & Paivio, 1991).
Dual channel, limited capacity, and active learning could all be addressed through short video and audio podcasts that are focused on important topics, chunks. It is recommended that podcasts should be kept short, 15 minutes for maximum effectiveness (Garver and Roberts, 2013).
Students will not find podcasts effective if used without supporting material. Using audio podcasts alone could lead to a failure to meet the needs of other types of learners, besides auditory learners (Mayer, 1997;
Lister, 2006). Combining pictures with words in lessons helps to increase learning and memory (Mayer & Moreno, 2003). Mayer & Moreno’s research shows that multimedia can be used to stimulate two of the five senses, hearing and seeing (2013). Podcasts used in conjunction with other learning methods can function to aid in success. In a 2009 Aston University study, researchers found that students did indeed feel that video and voice podcasts noticeably benefit learning, when used with lecturers’ slides (Parson, Reddy, Wood, & Senior, 2009). Students perceived that learning improved when podcasts were used for reviewing course materials (Robson & Greensmith, 2009; Graver & Roberts, 2013). Evans (2008) added that students preferred podcasts over their textbooks and notes taken. Robson & Greensmith (2010) concluded that faculty should recognize the usefulness of podcasting as a means to engage students learning. Robson and Greensmith (2009) found that students who had experience with using podcasts before the course perceived podcasts to be more valuable. Those students tended to utilize the course podcasts more (Robson & Greensmith, 2009). This study also found that students used podcasts to listen to and watch introductions, activities, and as review (Robson & Greensmith, 2009).
(Robson & Greensmith, 2009) concluded that faculty’s lack of familiarity, training, time availability may hinder acceptance and may make them reluctant to create and use podcasts. From this study, faculty indicated that they may have not created their own podcasts for courses (Robson & Greensmith, 2009).
Faculty did use podcasts themselves indicating that they see value (Robson & Greensmith, 2009). In order to reach maximum effectiveness from a podcast, use must be aligned with assignments (Garver and Roberts, 2013). Students find it important to know the benefits, purpose, and the connection to the lesson that the podcast brings in order to have buy in of it use (Garver & Roberts, 2013). Podcasting, in its infancy, was characterized by RSS (really simple syndication) subscription and its push feeds that connected the listener to a recorded series of conversations (Anzai & Gakuin, 2007; Carnegie Mellon; Fizz, 2013). Over time, the process evolved to include more options, such as both video and audio, and flexibility of distribution, which encouraged more widespread use and a broader audience (Brown & Green, 2007; Webster, 2014).
GCBF ♦ Vol. 11 ♦ No. 1 ♦ 2016 ♦ ISSN 1941-9589 ONLINE & ISSN 2168-0612 USB Flash Drive 261 Global Conference on Business and Finance Proceedings ♦ Volume 11 ♦ Number 1 Podcasting, in this study, is defined as a digital audio or video file made available as a link, for downloading to a computer or portable media player, typically available as a series, but could be used separately for topic/lecture information within the learning management systems (LMS) of online courses, or courses that utilize these LMS. Podcasting is a low cost way of providing focused information to student users (Zeng, 2009). The largest cost of producing a podcast is time and labor (Carnegie Mellon, 2007). The ability of the faculty member to create podcasts might impact the desire to produce. The person producing the podcast must have knowledge of how to generate an RSS feed in order to list the location of podcast episodes (Carnegie Mellon, 2007). Production requires recording hardware, like digital microphones and digital cameras, and software for editing audio and/or video segments (Carnegie Mellon, 2007). Common podcasting economic business models include sponsorships, advertising, and donations. Having a College or University sponsor the faculty made podcast would be a way for the message to target current and potential students.
Higher Education institutions could also explore outside sponsorship in order to gain financial support.
"Sponsorship is seen as being less intrusive in comparison to advertising, making it more acceptable to users."(Crofts, Diley, Fox, Retsema & Williams, 2005). Sponsorships would work well for institutions that are large and/or offering podcasts for a broader audience. Reaching a broader audience would help to attract sponsors. Listener donations are given in the form of “tips” whereby the listener shows appreciation and support for the podcast by leaving a monetary donation. In education, tips are not an accepted exchange between students and faculty, but donations to institutions in general may be seen as more welcome. Student and faculty have shown concern about growing tuition and fees, including the costs of textbooks (Silver, Stevens, & Clow, 2012). The rate of inflation for the price of higher education textbooks has risen by 80% from 2002-2012 (GAO, 2013). The U.S. Government’s aim of providing financial aid to students, helping to ensure accessibility and affordability of higher education, has spurred an investigation into costs associated with obtaining a degree. A possible way to reduce costs associated with course materials is to include teacher led podcasting.
DATA AND METHODOLOGY