Stock exchange mergers and market efficiency

The aim of this article is to examine the impact of stock exchange mergers on the degree of informational efficiency. For this purpose, we apply the generalized spectral shape test for the martingale difference hypothesis to the stock returns before and after the 31 domestic and cross-border mergers completed from 1997 to 2011. The test is conducted with moving subsample windows, allowing us to detect the periods of (in)efficiency, and thus to conduct a comparative analysis for pre-merger and post-merger periods. We find that higher levels of efficiency are less frequent than lower levels of efficiency after a stock exchange merger. We also find that the impact on the level of efficiency depends on a range of merger characteristics such as the level of development, size, geographical diversification and industrial diversification of stock exchange.     

The Relationship Between Sovereign Spreads and International Reserves: Does the Exchange Rate Regime Matter?

International reserves have been put forward as an important factor affecting sovereign spreads in the literature. This article empirically analyzes whether the relationship between international reserves and sovereign spreads depends on exchange rate policy in emerging markets. The analysis is carried out using exchange rate classifications based on both the officially declared regimes and the actual exchange rate behavior. The results show that international reserves reduce sovereign spreads for all levels of exchange rate flexibility using both classifications. Reserves have a similar effect on spreads for all exchange rate categories, except for hard pegs, under which the effect is larger.     

Combinatorial clock-proxy exchange for carrier collaboration in less than truck load transportation

A carrier collaboration problem in less-than-truck load transportation is considered, where multiple carriers exchange their pickup and delivery requests in order to improve their operational efficiency. We extend the clock-proxy auction proposed by Ausubel et al. (2006) to a combinatorial clock-proxy exchange for the problem. This mechanism combines the price discovery of the clock exchange designed based on Lagrangian relaxation with the efficiency of the proxy exchange determined based on the information observed in the clock phase. Numerical experiments on randomly generated instances demonstrate the necessity of the proxy phase and the effectiveness of the clock-proxy exchange.     

Reducing perceptions of overqualification and its impact on job satisfaction: the dual roles of interpersonal relationships at work

A sizeable portion of the working population perceives that they are overqualified for their jobs. This is problematic, given that research consistently shows that such beliefs translate into lower levels of job satisfaction. Hence, it behoves human resource management (HRM) scholars to identify factors that influence perceptions of overqualification and also moderators that may reduce the negative effect of perceived overqualification on job satisfaction. In this study, we present a moderated path model that posits that the quality of the relationships that employees hold with their leader and with their team is not only antecedents of perceived overqualification but it is also hypothesised to weaken the negative relationship between perceived overqualification and job satisfaction. Survey data that were gathered from two organisations in the Netherlands (n = 183) supported the model. Implications for theory and practice in HRM are discussed. © 2015 John Wiley & Sons Ltd     

From Financial Repression to External Distress: The Case of Venezuela

Recent work suggests a connection between domestic debt and external default. We examine potential linkages for Venezuela, where the evidence reveals a nexus among domestic debt, financial repression, and external vulnerability. The financial repression tax (as a share of GDP) is similar to OECD economies, in spite of higher debt ratios in the latter. The financial repression “tax rate” is higher in years of exchange controls and legislated interest rate ceilings. We document a link between domestic disequilibrium and a weakening of the net foreign asset position via private capital flight. We suggest these findings are not unique to Venezuela.     

Why do companies transfer the trading compartment of their common stocks

We analyze the motives and determinants of voluntarily stock exchange section switching on the NYSE Euronext. By strategically deciding trading-section transfer when it is beneficial, managers expect to reduce their liquidity and invisibility costs, cost of capital, or their listing costs. We show that managers decide to change the trading compartment of their common stocks based on various factors including firm's size, liquidity level, debt ratio, and expected growth opportunities. Firms that move voluntarily from a less or non regulated compartments to a more regulated one are likely to have transferred to increase their credibility, improve their stocks’ liquidity, re-balance their leverage, and to finance their growth opportunities. Whereas those that move their common stocks toward a less-regulated compartments do it mainly for costs saving reasons.     

WSN中基于网络编码的协同点对点信息交换算法研究

针对无线传感器中的节点调度传输问题,提出了一种基于网络编码的协同点对点信息交换算法。由于该算法不仅能够充分利用无线信道的广播特性,而且使用了协同点对点信息交换,从而有效地弥补了PIE算法在数据包的个数大于节点数目的情况下,性能不理想的缺陷,实现了传输次数的减少。仿真结果表明,所提算法的传输有效性明显地优于PIE算法和最少优先算法。     

The implications of monetary expansion in China for the US dollar

We examine the influence of rapid growth in China's money supply on the US dollar within a framework of monetary models of exchange rates. We develop out-of-sample forecasts of the US dollar exchange rate using US and global data on price level, output, and interest rates, and money supply data for the US, China, and the rest of the world for the period 1996–2013. Monetary model forecasts significantly outperform a random walk forecast in terms of mean squared forecast error in the long run. A monetary error correction model with sticky prices performs best. Rolling sample analysis indicates changes over time in the influence of Chinese money supply in forecasting the US dollar. The expectation is that rapid money growth in China would increase the demand for dollars thus raising the value of the dollar, yet our forecasts are to the contrary for the mid 2000s. This is consistent with anticipation of renminbi appreciation under China’s managed exchange rate, which made holding renminbi more attractive. With the break from a dollar peg in 2005 and subsequent currency appreciation, the distortion was alleviated and the forecast direction for the dollar became as expected.     

Using ROC techniques to measure the effectiveness of foreign exchange market interventions

Using as an example data on official Japanese interventions in the yen/dollar market, I show that techniques developed to analyse relative operating characteristic (ROC) curves can be useful to study the forecasting value and effectiveness of interventions.     

Ethical leadership and its impact on service innovative behavior: The role of LMX and job autonomy

This study examined the effect of ethical leadership on service innovative behavior of employees at small and medium sized tourist hotels in Uttarakhand, India. It has forwarded an integrated model that highlights the relationship between ethical leadership and employees' service innovative behavior while interacting through leader-member exchange and job autonomy. Using a sample of 468 customer contact employees and their 117 supervisors, hierarchical regression was conducted to establish the relationship. Findings of the study revealed that ethical leadership promoted service innovative behavior of the hotel employees mediated through leader-member exchanges. Further, it was also found that the level of service innovative behavior was commensurate to the perception of employee job autonomy. Based on the study findings, implications for theory and practice are discussed.