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Full-Text Articles in Social and Behavioral Sciences
Market Efficiency And The Returns To Simple Technical Trading Rules: New Evidence From U.S. Equity Market And Chinese Equity Markets, Gary Gang Tian, Guang Hua Wan, Mingyuan Guo
Market Efficiency And The Returns To Simple Technical Trading Rules: New Evidence From U.S. Equity Market And Chinese Equity Markets, Gary Gang Tian, Guang Hua Wan, Mingyuan Guo
Gary Tian
Numerous studies in the finance literature have investigated technical analysis to determine its validity as an investment tool. This study is an attempt to explore whether some forms of technical analysis can predict stock price movement and make excess profits based on certain trading rules in markets with different efficiency level. To avoid using arbitrarily selected 26 trading rules as did by Brock, Lakonishok and LeBaron (1992) and later by Bessembinder and Chan (1998), this paper examines predictive power and profitability of simple trading rules by expanding their universe of 26 rules to 412 rules. In order to find out …
Measuring And Recognizing The Value Of Purchased Goodwill: A Note On Market Value Measurement Method, Indra Abeysekera
Measuring And Recognizing The Value Of Purchased Goodwill: A Note On Market Value Measurement Method, Indra Abeysekera
Indra Abeysekera
Through a review of literature and with conceptual underpinnings, this paper demonstrates that relying on the market value measurement method to ascertain value of purchased goodwill does not contribute to more accurate value of the financial worth of the firm.It argues that the use of market value for the measurement of purchased goodwill for recognition in financial statements is a mere artifact and a response to the contemporary paradigm rather than a measure of the accurate financial worth of purchased goodwill. It demonstrates the need to seek a measurement method that does not impose a transaction as a necessary precondition …
Machine Learning Techniques And Use Of Event Information For Stock Market Prediction: A Survey And Evaluation, Paul D. Yoo, Maria H. Kim, Tony Jan
Machine Learning Techniques And Use Of Event Information For Stock Market Prediction: A Survey And Evaluation, Paul D. Yoo, Maria H. Kim, Tony Jan
Maria Kim
This paper surveys machine learning techniques for stock market prediction. The prediction of stock markets is regarded as a challenging task of financial time series prediction. In this paper, we present recent developments in stock market prediction models, and discuss their advantages and disadvantages. In addition, we investigate various global events and their issues on predicting stock markets. From this survey, we found that incorporating event information with prediction model plays very important roles for more accurate prediction. Hence, an accurate event weighting method and a stable automated event extraction system are required to provide better performance in financial time …
The Value Of Political Connections When Accessing The Ipo Market, Qigui Liu, Jinghua Tang, Gary Tian
The Value Of Political Connections When Accessing The Ipo Market, Qigui Liu, Jinghua Tang, Gary Tian
Qigui Liu
In this study we examined the value of political connections in firms' access to the IPO market using a sample of Chinese IPO applications from 2006 to 2010. We found a positive relationship between political connections and the probability of IPO approval, and this relationship is strengthened in entrepreneurial firms and weakened in those firms controlled by the state. We further provide evidence that entrepreneurial firms with a disproportional ownership structure and without high technology benefit more from political connections. Our additional tests showed that entrepreneurial (state) firms with political connections also performed better (worse) than firms without. We argue …
Macroeconomic Determinants Of Corporate Performance And Failure: Evidence From An Emerging Market The Case Of Jordan, Rami Zeitun, Gary Tian, Steve Keen
Macroeconomic Determinants Of Corporate Performance And Failure: Evidence From An Emerging Market The Case Of Jordan, Rami Zeitun, Gary Tian, Steve Keen
Gary Tian
This study investigates the impact of aggregate economic risk on a company’s performance and failure in a panel estimation using 167 Jordanian companies during 1989-2003. Our finding shows that unanticipated changes in interest rate negatively and significantly affect firms’ performance measured by ROA, which suggests that an interest rate rise increases the cost of borrowing and then further negatively affects a firm’s profit. We also found that both the production manufacturing index and Islamic credit facilities positively and significantly affect a firm’s performance. The positive and significant impact of Islamic credit facilities reflects the importance and the significance of the …
Capital Structure And Its Implications: Empirical Evidence From An Emerging Market In South Asia, Athula Manawaduge, Anura De Zoysa, Palli Mulla K A Chandrakumara
Capital Structure And Its Implications: Empirical Evidence From An Emerging Market In South Asia, Athula Manawaduge, Anura De Zoysa, Palli Mulla K A Chandrakumara
Anil Chandrakumara
Using panel data regression analysis for a sample of 171 companies, this paper examines the implications of capital structure of corporate entities in an emerging market, Sri Lanka. The results demonstrate that most of the Sri Lankan firms finance their operations with short-term debt capital as against the long-term debt capital. It provides strong evidence to indicate that debt capital has a negative impact on firm performance. The study also found a significant negative relationship between tangibility and performance indicating inefficient utilization of non-current assets. The negative performance implications associated with over-utilization of short-term debts and the under-utilization non-current assets …
The Value Of Political Connections When Accessing The Ipo Market, Qigui Liu, Jinghua Tang, Gary Tian
The Value Of Political Connections When Accessing The Ipo Market, Qigui Liu, Jinghua Tang, Gary Tian
Qigui Liu
In this study we examined the value of political connections in firms' access to the IPO market using a sample of Chinese IPO applications from 2006 to 2010. We found a positive relationship between political connections and the probability of IPO approval, and this relationship is strengthened in entrepreneurial firms and weakened in those firms controlled by the state. We further provide evidence that entrepreneurial firms with a disproportional ownership structure and without high technology benefit more from political connections. Our additional tests showed that entrepreneurial (state) firms with political connections also performed better (worse) than firms without. We argue …
A Conceptual Model For Predicting Overseas Market Entry Order Decisions, Peter R. Massingham
A Conceptual Model For Predicting Overseas Market Entry Order Decisions, Peter R. Massingham
Peter Massingham
I investigate the factors that influence firms’ order of entry into overseas markets. The existing literature identifies a range of firm and industry characteristics that influence the timing entry decision. I extend this research by developing a holistic conceptual model that explains how these factors interact to create conditions leading to first, second and late mover strategies. The paper argues that the factors combine to create strategic scenarios for each entry order. I undertake a four-step process to explain how managers may use this conceptual model to plan appropriate entry order decisions for each scenario. A key to the process …
Call Auction Transparency And Market Liquidity, Evidence From The Shanghai Stock Exchange, Gary G. Tian, Dionigi Gerace, Alex Frino
Call Auction Transparency And Market Liquidity, Evidence From The Shanghai Stock Exchange, Gary G. Tian, Dionigi Gerace, Alex Frino
Dionigi Gerace
This paper examines the impact of pre-trade information transparency in pre-open call auction on market liquidity on the Shanghai Stock Exchange (SHSE). We examine the natural experiment affected by the Shanghai Stock Exchange in July 2006 when it changed its pre-open auction algorithm from an entirely black box into a limited transparent system with a closed order book. We find that the increase in pre-trade information transparency coincides with a statistically significant reduction in spread at the best quotes. The reduction in spread persists even after controlling for known determinants of depth. Furthermore, there is also evidence of a statistically …
Regional Problems In The Implementation Of Labout Market Programs: Aboriginal Employment Programs In Australia, Robert Castle
Regional Problems In The Implementation Of Labout Market Programs: Aboriginal Employment Programs In Australia, Robert Castle
Robert G. Castle
No abstract provided.
A Technique For Measuring Efficiency Changes In The Provision Of Non-Market And Intangible Public Output, James Hagan, Robert Castle
A Technique For Measuring Efficiency Changes In The Provision Of Non-Market And Intangible Public Output, James Hagan, Robert Castle
Robert G. Castle
No abstract provided.
Integration Of Market Economies And The Rights Of Labour: International Regulation, Robert Castle, D P Chaudhri, Chris Nyland
Integration Of Market Economies And The Rights Of Labour: International Regulation, Robert Castle, D P Chaudhri, Chris Nyland
Robert G. Castle
No abstract provided.
The Interactive Effects Of Recruitment Practices And Product Awareness On Job Seekers’ Employer Knowledge And Application Behaviors, Christopher J. Collins
The Interactive Effects Of Recruitment Practices And Product Awareness On Job Seekers’ Employer Knowledge And Application Behaviors, Christopher J. Collins
Christopher J Collins
In this paper, I draw on research from the literatures on marketing and recruitment to identify how recruitment practices and company product awareness are related to job seekers’ application behaviors through three aspects of job seekers’ employer knowledge. Based on results from a within-subjects design with data from 123 recruiting companies and 456 student job seekers, my findings suggested the relationships between recruitment strategies and application intentions and decisions are moderated by product awareness. Specifically, low-information recruitment practices are significantly and positively related to application behaviors through employer familiarity and employer reputation when product awareness is low rather than high. …
Exploring Applicant Pool Quantity And Quality: The Effects Of Early Recruitment Practice Strategies, Corporate Advertising, And Firm Reputation, Christopher J. Collins, Jian Han
Exploring Applicant Pool Quantity And Quality: The Effects Of Early Recruitment Practice Strategies, Corporate Advertising, And Firm Reputation, Christopher J. Collins, Jian Han
Christopher J Collins
Drawing on marketing and recruitment theory, we examined relationships between early recruitment practices, organizational factors, and organization-level recruitment outcomes, predicting that low-involvement recruitment practices, high-involvement recruitment practices, corporate advertising, and firm reputation would positively affect the quantity and quality of organizations’ applicant pools. We also predicted that corporate advertising and firm reputation would moderate the effects of the two recruitment strategies. Data for 99 organizations collected from multiple sources provided some evidence that early recruitment practices, corporate advertising, and firm reputation each had direct effects on applicant pool quantity and quality. More importantly, we found that low-involvement recruitment practices were …
The Effects Of Currency Appreciation On Share Market Return: Ardl Approach, Gary G. Tian, Shiguang Ma
The Effects Of Currency Appreciation On Share Market Return: Ardl Approach, Gary G. Tian, Shiguang Ma
Gary Tian
This study employs the ARDL cointegrating approach to examine the impact of financial liberalization on the relationships between three Chinese main bilateral exchange rates and its share market performance. We discovered that a long-term equilibrium relationship measured by cointegration has emerged between the exchange rate of the RMB against the Japanese Yen and, to a lesser extent, the exchange rate against both the US dollar and Hong Kong dollar and the Shanghai Composite Index since 2005 when the Chinese exchange rate regime changed from a peg system to a more flexible managed floating system. We found that the exchange rate …
Rent Seeking Or Market Strengthening? Industry Associations In New Zealand Wool Broking, Simon Ville
Rent Seeking Or Market Strengthening? Industry Associations In New Zealand Wool Broking, Simon Ville
Simon Ville
This paper builds on recent conceptual work about associations that is drawn from the new institutional economics. It uses evidence from New Zealand wool broking to indicate the circumstances in which industry associations can operate effectively and in the broader public interest. Through their strong associative capacity and effective specialization of function, wool-broking industry associations developed flexible routines for managing wool auctions, mediated disputes, mitigated opportunism, addressed major market disruptions, and served as a communication channel with government. External pressures and monitoring from other business interests, governments, and a competitive wool market constrained rent-seeking behavior, preventing members from benefiting at …
Inter-Firm Collaboration In Australian Telecom Market, Aimee Zhang, Charles Harvie
Inter-Firm Collaboration In Australian Telecom Market, Aimee Zhang, Charles Harvie
Charles Harvie
The Australian telecommunications market is a typical mature market in a developed country. This paper gives an overview of the Australian telecommunication market’s development, industry structure, major components and contributions, major firms, key government agencies and organizations in this market. The history and development process of the Australian telecommunications market is, like most telecom markets in the world, one from monopoly to limited competition, from state ownership to market driven and from closed to open. To study inter-firm collaboration types, benefits, and barriers, a qualitative interview was conducted to collect real industry data from different sectors. Face-to-face interviews were adopted …
The Analysis Of Barriers To Knowledge Management In The Organization, Anna Ujwary-Gil
The Analysis Of Barriers To Knowledge Management In The Organization, Anna Ujwary-Gil
Anna Ujwary-Gil
tThe subject of this article is to highlight the need for cooperation and exchange of knowledge among communities of the organization to develop and achieve competitive advantage in the market. On the other hand, research indicates that cooperation is not always the case, so it is worth considering why this is happening. An important part of this article is to present the latest results of research carried out under the EU project entitled Knowledge Management System Model for Enterprise. An analysis of barriers to knowledge management. A tool for analysis of barriers to knowledge management in the company (Model Personnel …
Ssrn As An Initial Revolution In Academic Knowledge Aggregation And Dissemination, David Bray, Sascha Vitzthum, Benn Konsynski
Ssrn As An Initial Revolution In Academic Knowledge Aggregation And Dissemination, David Bray, Sascha Vitzthum, Benn Konsynski
Sascha Vitzthum
Within this paper we consider our results of using the Social Science Research Network (SSRN) over a period of 18 months to distribute our working papers to the research community. Our experiences have been quite positive, with SSRN serving as a platform both to inform our colleagues about our research as well as inform us about related research (through email and telephoned conversations of colleagues who discovered our paper on SSRN). We then discuss potential future directions for SSRN to consider, and how SSRN might well represent an initial revolution in 21st century academic knowledge aggregation and dissemination. Our paper …
Has Globalization Increased Australian Inequality?, Noel Gaston, Gulasekaran Rajaguru
Has Globalization Increased Australian Inequality?, Noel Gaston, Gulasekaran Rajaguru
Gulasekaran Rajaguru
No abstract provided.
Worker Participation In Diverse Settings: Does The Form Affect The Outcome, And If So, Who Benefits?, Rosemary Batt, Eileen Applebaum
Worker Participation In Diverse Settings: Does The Form Affect The Outcome, And If So, Who Benefits?, Rosemary Batt, Eileen Applebaum
Rosemary Batt
[Excerpt] This paper utilizes extensive surveys of workers in three occupational groups (network craft workers, semi-skilled office workers, and semi-skilled machine operators) in two very different industries (telecommunications and apparel)i to examine the outcomes of workplace innovations. Our central . question has two parts. First, what are the outcomes of off-line employee participation programs versus on-line work reorganization experiments? Second, who benefits from which type of innovation: employees, employers, or both? To answer these questions, we consider the effects of off-line versus on-line innovations on workers' satisfaction with their jobs, on their commitment to the companies they work for, and …
Leading For The Bottom Line: A View Of Leadership In A Bottom-Line Context, Gary S. Fields , Cory Stern
Leading For The Bottom Line: A View Of Leadership In A Bottom-Line Context, Gary S. Fields , Cory Stern
Gary S Fields
This paper sets out to establish and describe a new approach to leadership called Bottom Line Leadership. The essence of Bottom Line Leadership is that a leader’s most critical responsibility is to clearly identify, communicate and gain buy-in for the ultimate bottom-line objective of the organization he/she leads, subject to constraints imposed by the market and by the organization itself. In comparison to other leadership models that focus on the general attributes or behaviors characterizing effective leaders, Bottom Line Leadership emphasizes the link between an organization’s purpose and a leader’s behavior. The philosophy that serves as the foundation for this …