When fund management skill is more valuable?

Does fund management skill allow managers to identify mispriced securities more accurately and thereby make better portfolio choices resulting in superior fund performance when noise trading – a natural setting to detect skill – is more prevalent? We find skilled fund managers with superior past performance to generate persistent excess risk‐adjusted returns and experience significant capital inflows, especially in high sentiment times, high stock dispersion, and economic expansion states when price signals are noisier. This pattern persists after we control for lucky bias, using the ‘false discovery rate’ approach, which permits disentangling manager ‘skill’ from ‘luck.’     

Board diversity reforms: Do they matter for EU bank performance?

We examine the impact of governance reforms related to board diversity on the performance of European Union banks. Using a difference‐in‐difference approach, we document that reforms increase bank stock returns and their volatility within the first 3 years after their enactment. The type of reform matters, with quotas increasing return volatility. The effectiveness of reforms depends on a country's institutional environment. The impact of reforms on return volatility is found to be beneficial in countries more open to diversity, with common law system and with greater economic freedom. Finally, reforms play a bigger role in banks that have ex ante less heterogeneous boards.     

基于行为—结果—反馈的粤西北山区“十二五”高标准农田建设绩效评价及低效因子诊断

[目的]弥补现有绩效观的不足,提出并解析了基于行为—结果—反馈的土地整治绩效评价内涵,开展粤西北山区"十二五"高标准农田建设绩效评价及低效因子诊断。[方法]从实施行为、效益结果、调查反馈3个方面建立指标体系,采用熵权改进的TOPSIS法和障碍度模型量化评估绩效水平并诊断低效因子。[结果]粤西北山区各县市在组织实施、综合效益和调查反馈方面各有不足,"十二五"高标准农田建设绩效水平总体有待进一步提高,绩效评价结果具有显著的区域差异,罗定市绩效值最高,绩效水平为良好;英德市、蕉岭县、南雄市、仁化县的绩效水平为中级;郁南县、龙川县、始兴县、云安县的绩效水平为低级;对于粤西北山区大多数县(市),实施行为作为首位低效因子,对高标准农田建设绩效的贡献度最小。[结论]基于行为—结果—反馈的绩效观,采用熵权改进的TOPSIS法和障碍度模型的绩效评价,能够客观衡量研究区高标准农田建设绩效水平。增加田间道路建设、提高土地流转面积、加强专项工作经费落实对于提高粤西北山区高标准农田建设水平具有普适性。     

Workplace deviance and human resource management relations: A case study of Turkish hotel employees

The main purpose of this study is to examine the negative associations between employees' perception of the effectiveness of performance appraisal practices and deviant workplace behavior. This study also tests the mediating effect of the forms of organizational justice in the relationship between performance appraisal practices and deviant workplace behavior. Moreover, it also investigates how line managers' performance appraisal politics may influence the relationship between perceptions of performance appraisal practices and employee deviant workplace behavior. In order to facilitate this study, the research team employed a survey design. A total of 193 service employees from different service establishments attended the forum where the study was conducted in the capital city of Turkey, Ankara. The results of this study strongly support the premise that effective performance appraisal practices influence employee deviance behavior, and especially that interactional justice is an important predictor of employee violative behavior. Moreover, the findings indicate that there is no evidence regarding the moderating effect of employees' perception of managers' appraisal politics in the negative relationship between performance appraisal effectiveness and employee deviance.     

重叠滤波多音系统的频偏性能分析及优化

重叠滤波多音(O-FMT)是针对滤波多音(FMT)系统频谱利用率低的缺点而根据超奈奎斯特(FTN)概念引入子载波重叠得到的方案。鉴于O-FMT系统在频偏环境下的性能缺陷，理论分析了频偏对系统信号各部分的影响，比较了O-FMT与正交频分复用（OFDM）系统的抗频偏性能。针对频偏性能优化问题，提出了基于最佳线性无偏估计（BLUE）的改进盲估计算法，设计了基于频域滤波器系数的内嵌结构进行频偏补偿。仿真实验表明，O-FMT相比OFDM具有更好的抗频偏能力，改进的盲估计算法估计值精度更高，抗干扰、抗衰落能力更强，设计的频偏补偿结构可以使系统获得更好的性能。     

Export Performance: Is It Possible through Knowledge and Capabilities? Evidence from Turkish Manufacturing Firms

Purpose: This article measures to what extent export performance is affected by certain resource-based view (RBV) elements and seeks to elucidate relationships between these elements. Design: Among those RBV elements, knowledge and experience as resources, and marketing, production, product development, logistics, and service differentiation as capabilities, are chosen to be the basis of this research. Their effects on export performance are measured with a survey applied to personnel of Turkish manufacturing firms operating in Istanbul district. Findings: The results show us that marketing planning capabilities and service differentiation capabilities have a significant effect on export performance. The overwhelming effect of knowledge and experience of firms on marketing planning capabilities is one of the intriguing findings. Notwithstanding that, we found no trace of a relationship between product development capabilities and service differentiation capabilities. Value: This research provides several managerial and academic implications by contributing to a resource-based view in terms of knowledge and capabilities. Additionally, in this study, it is underlined that collective knowledge is vital for achieving high export performance.     

The HRM–capital market link: Effects of securities analysts on strategic human capital

This article develops theory about an agency problem affecting the strategic human capital (SHC) of the firm. It proposes three categories of SHC‐related choices managers must make that imply a trade‐off between near‐ and long‐term performance. Dispersed shareholding, firm coverage by securities analysts, and their practice of publishing quarterly earnings forecasts are argued to entail a bias in management incentives, shifting the balance in this trade‐off toward near‐term performance. To restore the balance, securities analysts would need to distinguish transitory from recurring effects of SHC‐related choices in their valuation models (e.g., treating certain labor cost savings during cyclical downturns as transitory). Restoring the balance would also require them to anticipate long‐term effects in their long‐term earnings forecasts (e.g., long‐term positive effects of retaining employees with valuable skills during cyclical downturns). The article discusses specific transitory cost effects and long‐term effects they could potentially take into account. The skills and incentives needed by analysts to account for such effects are argued to vary across firm segments.     

Gender equality's impact on female directors’ efficacy: A multi-country study

This paper studies the role of gender equality in female directors’ efficacy and its subsequent effects on firms. Female directors in more gender equal societies should possess greater skills and exert more influence due to better access to educational/professional opportunities and more amicable boardroom dynamics. Therefore, we hypothesize that gender equality serves as an important moderator in the relation between female board representation and firm outcomes. Using a multi-national panel comprising 1986 public firms from 24 countries or areas spanning from 2007 to 2016, we obtain results that firms with higher female board representation exhibit higher overall performance, less earnings management, and less excessive risk taking, in which all three relations are stronger in countries with greater gender equality. Taken together, our paper implies that the impact of female directors on firm outcomes depends on a country's overall level of gender equality.     

渠道合作情境下合同双元功能对主动和被动投机行为的影响差异研究

基于交易成本理论，在渠道合作情境下，以制造商的合同监督和企业间联合行动为工具测量合同治理的保障功能和协作功能，探讨二者对经销商主动投机行为和被动投机行为的影响差异。通过对512份问卷数据的统计分析，得到以下结论：第一，合同监督有助于抑制经销商的主动投机行为，但对其被动投机行为的影响不显著；第二，企业间联合行动有助于抑制经销商的被动投机行为，但对其主动投机行为的影响不显著；第三，经销商的主动投机行为和被动投机行为均会负向影响合作绩效；第四，经销商的主动投机行为中介合同监督对合作绩效的正向影响，被动投机行为中介企业间联合行动对合作绩效的正向影响。     

Is job control always beneficial? Exploring its nonlinearity in creativity and in-role performance

This study draws on resource allocation theory to examine the relationship between job control and two kinds of job performance, namely employee creativity and in-role performance, as well as to investigate whether supervisor encouragement of creativity moderates these two potentially nonlinear relationships. To test the proposed model, we collected data from 234 employees in Indonesia. The results show that job control has an inverted U-shaped relationship with employee creativity, but a U-shaped relationship with in-role performance. Supervisor encouragement of creativity moderates both relationships, such that the control–creativity relationship becomes U-shaped, while the control–in-role performance relationship becomes inverted U-shaped when supervisor encouragement of creativity is high. Implications for managers on how to provide resources to employees are discussed.