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An optimization model for gate reassignment in response to flight delays

In this paper, a binary integer program is formulated for the optimal reassignment of planes to gates in response to day-of flight delays. This program minimizes the total walking distance of those passengers either connecting or originating at an airport whose boarding passes for affected flights were issued prior to the reassignment of gates. A numerical illustration using operations of Continental Airlines at the George W. Bush Intercontinental Airport in Houston, Texas demonstrates the speed and efficiency of this program in both a real world and real time setting.     

Testing the impact of trading volume on market return and volatility： The case of the Romanian stock market

This paper examines both the return-volume and volatility-volume movements on Bucharest stock exchange, in order to evaluate the impact of changes in stock market liquidity on stock returns and on volatility of returns. We employ linear Granger-causality tests to investigate the dynamic relation between trading volume, stock returns and returns volatility on the Romanian stock market, using daily logarithmic returns for the composite index BET-C, as a proxy for the market, and daily logarithmic change in trading volume during the period January 2004-July 2008. As a proxy for return volatility we employ absolute values of daily deviation of return from its mean value during the considered time period. We can report unidirectional linear causality from returns to volume and also from volume to volatility.     

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Baywatch: Two approaches to measure the effects of blocking access to The Pirate Bay

In the fight against unauthorised sharing of copyright protected material, Dutch Internet Service Providers have been summoned by courts to block their subscribers' access to The Pirate Bay and related sites. This paper studies the effectiveness of this approach towards online copyright enforcement, using both a consumer survey and a newly developed non-infringing technology for BitTorrent monitoring. While a small group of respondents download less from illegal sources or claim to have stopped doing so, no impact is found on the percentage of the Dutch population downloading from illegal sources. Slight changes are found on the distribution of Dutch peers, but these seem related to the awareness raised by blocking rather than the blocking itself.     

Contagion of Capital Markets in CEE Countries: Evidence from Wavelet Analysis

We employed wavelets technology to investigate how and when contagion occurred on 10 Central and Eastern European financial markets in relation to Western European and US financial markets during 2000–2016 and their different reactions on the background of changes in their regulatory framework. We found that most of Central and Eastern European (CEE) capital markets showed contagion in relation to both Western European and US markets between 2005 and 2009, while Slovakian and Estonian markets showed no contagion. However, during 2010–2016, Croatian market showed de-contagion in relation to Western European market, while Bulgarian, Czech, Hungarian, and Polish markets showed de-contagion in relation to US market, increasing their independence.     

Corporate Reporting Practices in Poland and Romania – An Ex-ante Study to the New Non-financial Reporting European Directive

The European Directive 2014/95/EU as regards disclosure of non-financial and diversity information by certain large undertakings and groups is applicable by European Union-based entities starting with the financial year commencing on 1 January 2017. Central and Eastern European (CEE) countries are reported to face difficulties when implementing new European or global accounting regulations and models. We investigate the quality of non-financial disclosures in Poland and Romania, the biggest CEE countries, prior to the European Directive’s adoption and explain the diffusion of this type of reporting through the lens of the institutional pressures. We find that prior regulation, local institutional characteristics, ownership, industry and auditors have an impact on the quality of disclosures. Poland experienced a higher extent of voluntary reporting, but Romania faced prior regulatory demands for non-financial reporting (NFR). We find that the overall disclosure score is higher for Romania, which provides support for the importance of regulations to strengthen the spread and quality of NFR. The research findings are relevant to practice and policy. This ex-ante evaluation of reporting practices and of their determinants is useful to understand how change occurs in practice and how companies react to regulatory and other institutional demands.