Stock Market Anomalies: What Can We Learn from Repurchases and Insider Trading?

We examine whether managers’ trading decisions (both at a firm and personal level) are correlated with trading strategies suggested by the operating accruals and the post-earnings announcement drift (SUE) anomalies. We discuss advantages and disadvantages of the use of managerial trading activity to infer managers’ private valuation about their own securities. Our results provide corroborative evidence for the accruals anomaly, i.e., managers’ repurchase and insider trading behavior varies consistently with the information underlying the operating accruals trading strategy. On the other hand, we do not find corroborative evidence for the SUE anomaly.

Assessing multi-dimensional performance: environmental and economic outcomes

This study examines economic performance, environmental performance, and regulatory activity for plants in three industries: pulp and paper, oil, and steel. Stochastic frontier production function models show significant deviations from production efficiency. Older plants are less efficient in production, but perform no worse on emissions. Plants spending more on pollution abatement tend to do worse on both production efficiency and emissions. Stricter local regulatory pressure is associated with somewhat lower emissions, but has mixed effects on production efficiency. Positive correlations between SUR residuals for emissions and production efficiency suggest unmeasured plant-level characteristics that drive both economic and environmental performance.

Preference for a career in retailing: a question of personality

Drawing on previous findings from the field of brand personality research and employer branding, this paper aims to explore the symbolic attributes of the retail industry image in South Africa and to identify those personality traits that distinguish preferred industries from the retail industry. The research provides a contemporary overview of the current image of the retail industry in South Africa from the perspective of young university students and allows retailers to strengthen their joint communication effort accordingly. Therefore, a quantitative survey study with 1426 participants from five South African universities was conducted. Participants assessed personality characteristics of the retail industry as well as their most preferred industry. The main results suggest that retail and non-retail students hold different personality perceptions of the retail industry and that prior retail involvement accounts for this difference to some extent. Moreover, the analysis shows that retailing performs significantly worse on those personality attributes that are of major importance for future job seekers. Additionally, the study identifies those attributes that exert a strong effect on students’ preferences for the retail industry. The findings provide useful communication themes for educational institutions, retail companies, and industry associations in order to foster positive personality perceptions associated with the retail industry.