Momentum,market states and investor behavior

This paper shows that the momentum effect appears in the wake of both up-market and down-market states in the Spanish stock market, although in the first of these cases it is followed by return reversal. This evidence, which contradicts the predictions of Cooper et al. (2004), provides the rationale for taking into account the disposition effect among the possible explanatory factors behind the momentum effect in a behavioral theory context.      

Strategic and Queue effects on Entry in Spanish Banking

This paper analyzes the factors that influence entry and geographic diversification decisions, a topic of special strategic interest in a context of growing globalization. The empirical model we propose is tested in a framework— the Spanish savings-bank market—where recent deregulation has eliminated the legal barriers to entry. Our results show two important conclusions for the evolution of the effects of branching deregulation in Europe and the US. First, it seems that entry in new geographical markets has been impeded by the strategic interactions between entrants and incumbents. Second, savings banks exhibit a preference for closer locations at the time of expanding, which may have undermined the effects of deregulation and its potential benefits for consumers.     

Cross-cultural factors in international branding

Abstract

This is the second special issue resulting from the symposium titled ‘The Brand and Its History’. This issue aims at deepening the knowledge of the historical and cultural roots of the origin, uses, and meanings of modern branding. This editorial summarises previous contributions from economic, marketing, and historical literature; presents the main findings of the seven articles included in this issue; and reflects on possible further research.     

Parental education,gender preferences and child nutritional status in Peru

This paper examines whether the distribution of bargaining power between parents affects nutritional indicators in the early stages of a child’s life, giving evidence that the allocation of household resources varies by the gender of the child and the parents. After accounting for the potential endogeneity of the indicator of power distribution within the household, related to assortative mating in the marriage market, this paper shows that maternal power is more positively associated with girls’ nutrition than boys’. Among households located in rural areas, resource allocation between girls and boys seems to differ. Similarly, some evidence of competition for household resources affecting girls’ nutrition is found.     

Promote or Perish? A brief note on academic social networking sites and academic reputation

ABSTRACT

This commentary explores some of the reputational issues of using academic social networking sites (ASNS) such as ResearchGate, ResearcherID, ORCID, Academia.edu, Google Scholar, and Mendeley for academic self-promotion and considers whether the adage of ‘Publish or Perish’ has been recently overshadowed by the new imperative of ‘Promote or Perish’?     

Service Regulations,Input Prices and Export Volumes: Evidence from a Panel of Manufacturing Firms

Using a panel of firm‐level data from Spanish manufacturers, this study shows that better service regulation reduces the price of intermediate inputs paid by downstream firms. The beneficial cost effects of services reforms extend to both large and small‐to‐medium sized corporations (SME’s), but the former tend to enjoy greater gains. This feature also manifests itself in international markets. We find evidence of an input cost channel through which service regulations affect the volume of exports of large manufacturers, while the evidence of such a channel is weaker for SME’s. Our estimates indicate that, from 1991 to 2007, large firms increased their volume of exports by an average of 20 per cent as a result of the direct input cost effect of services reforms, such that the firms that benefited the most typically belonged to industries more dependent on service inputs. Furthermore, convergence to the ‘best practice’ regulatory framework in services would have raised exports at least by an additional nine per cent. We conclude that firm size is relevant for the connection between services reforms, intermediate input prices and export volumes.     

How do extended benefits affect unemployment duration? A regression discontinuity approach

This paper studies a targeted program that extends the maximum duration of unemployment benefits from 30 weeks to 209 weeks in Austria. Sharp discontinuities in treatment assignment at age 50 and at the border between eligible regions and control regions identify the effect of extended benefits on unemployment duration. Results indicate that the duration of job search is prolonged by at least 0.09 weeks per additional week of benefits among men, whereas unemployment duration increases by at least 0.32 weeks per additional week of benefits for women. This finding is consistent with a lower early retirement age applying to women.     

An Empirical Assessment of the Contract Based Exception to the Employment-At-Will Rule

While extensive, the existing literature on the employment-at-will doctrine and its various exceptions has been remarkably uniform. By relying on a discussion of selected court opinions on specific aspects of the doctrine, scholars have focused primarily on normative issues such as what the courts should do when deciding job security disputes, or what plaintiffs/employees and defendants/employers should argue when litigating employment disputes. Our approach and focus are different. Instead of relying on a discussion of selected cases, we rely on a more comprehensive sample of cases. Instead of focusing on normative issues, our goal is to provide a more complete picture of the state of the at-will doctrine as reflected in those cases. Our data should be of interest to legal scholars interested in understanding the characteristics and outcomes of litigated employment-at-will cases. Our data should also be relevant to the current debate among management scholars regarding conflicts that might arise due to aggressive recruitment practices which highlight long term employment opportunities and the realities associated with at-will employment.     

Heavy lies the crown? How job anxiety affects top executive decision making in gain and loss contexts

Research summary: Despite abundant anecdotal evidence that many top executives experience anxiety in their jobs, the upper echelons literature has remained largely silent on the organizational implications of executive job anxiety. In this study, we theorize that job anxiety will cause executives to (1) create a social buffer against threats by surrounding themselves with supportive decision‐making teams, and (2) pursue lower‐risk firm strategies. We further argue that these effects will vary depending upon whether strategic decisions occur in gain versus loss contexts. We test our ideas using a novel multisource, multimethod approach that includes data from 84 top executives of large organizations, their decision‐making teams, their friends and families, and archival sources. Results from an analysis of 154 major strategic decisions provide general support for our theory. Managerial summary: Although many top executives experience anxiety in their jobs, some struggle more with anxiety than others. Our paper is the first to focus on how job anxiety affects executives' decisions. We analyze 154 major strategic decisions made by 84 top executives of large organizations in a range of industries, collecting data from personal interviews with executives and surveys of their decision‐making teams, spouses, and friends. We find that anxious executives take fewer strategic risks, especially when things are going well. We further argue that anxious executives focus more on “buffering” themselves from threats, and find that they surround themselves with close supporters when times are tough. Our results demonstrate a pattern through which anxiety causes top executives to focus more heavily on avoiding potential threats. Copyright © 2015 John Wiley & Sons, Ltd.     

Measuring Global Economic Interdependence: A Hierarchical Network Approach

This paper investigates the business cycle co‐movement across countries and regions since 1950 as a measure for quantifying the economic interdependence in the ongoing globalisation process. Our methodological approach is based on analysis of a correlation matrix and the networks it contains. Such an approach summarises the interaction and interdependence of all elements, and it represents a more accurate measure of the global interdependence involved in an economic system. Our results show (1) the dynamics of interdependence has been driven more by synchronisation in regional growth patterns than by the synchronisation of the world economy, and (2) world crisis periods dramatically increase the global co‐movement in the world economy.