Data-driven tree structure for PIN models

Probability of informed trading (PIN) models characterize trading with certain types of information through a tree structure. Different tree structures with different numbers of groups for market participants have been proposed, with no clear, consistent tree used in the literature. One of the main causes of this inconsistency is that these trees are artificially proposed through a bottom-up approach rather than implied by actual market data. Therefore, in this paper, we propose a method that infers a tree structure directly from empirical data. More precisely, we use hierarchical clustering to construct a tree for each individual firm and then infer an aggregate tree through a voting mechanism. We test this method on US data from January 2002 for 7608 companies, which results in a tree with two layers and four groups. The characteristics of the resulting aggregate tree are between those of several proposed tree structures in the literature, demonstrating that these proposed trees all reflect only part of the market, and one should consider the proposed empirically driven method when seeking a tree representing the whole market.

     

Independent director compensation,corruption, and monitoring

We find that independent directors in more corrupt countries receive greater pay. This relation could reflect outside directors in corrupt countries expropriating firm value, or it could reflect higher compensation for the additional effort required to lessen the negative effects of corruption. Acquirer acquisition announcement returns are lower in more corrupt countries, and this relation is mitigated by higher director pay. Higher director pay is also associated with greater sensitivity of CEO turnover to firm performance and moderates the negative effects of country‐level corruption on firm value. This evidence is consistent with higher director pay in corrupt countries incentivizing effort.     

Ponds,Power and Institutions: The Everyday Governance of Accessing Urban Water Bodies in a Small Bengali City

While researchers in the growing field of urban political ecology have given significant attention to the fragmented hydroscape that characterizes access to drinking water in the global South, so far the (re)production of other urban waters and its related power relations have been underexplored. This article seeks to contribute to filling this gap by exploring the everyday negotiations over access to urban water bodies, in particular ponds. These are understood as a composite resource that is simultaneously water, land and public space. This analysis draws on a case study from a small city in West Bengal, India, and is based primarily on data from open interviews with different actors with a stake in urban ponds. The article demonstrates that in a context of ambiguity of the statutory governance regime and fragmented control, the (re)production of the pondscape is embedded within complex relationships of power whereby social marginalization can be offset at least momentarily by local institutions such as neighbourhood clubs and political parties.     

Recognition of tacit skills: sustaining learning outcomes in adult learning and work re‐entry

This paper is based on the project ‘Recognition of Tacit Skills and Knowledge in Work Re‐entry’ carried out as a part of the ESRC‐funded Research Network ‘Improving Incentives to Learning in the Workplace’. The network aims to contribute to improved practice among a wide range of practitioners. The study has investigated the part played by tacit forms of personal competences in the education, training and work re‐entry of adult learners. The models of learning produced within this study with the assistance of the Dynamic Concept Analysis method are used to provide a better understanding of individual case studies.     

Factors influencing the internationalisation of new ventures in the Irish aquaculture industry: An exploratory study

This paper offers exploratory insights into the factors influencing the emergence of new export ventures operating in a low-technology sector: the aquaculture industry—a largely understudied context in international entrepreneurship. Peculiarities of new industries can make them particularly favourable to the creation of new ventures, and yet research has been limited examining the role of industry and environmental conditions in the emergence of international new ventures. As industry context and stage of firm development influences the appropriateness of theories for explaining firm internationalisation, this study in particular seeks to address two research questions: Firstly, what are the factors influencing the internationalisation of new ventures in a low-technology sector: the Irish aquaculture industry? Second, what role does industry structure play in influencing the internationalisation of new ventures in the Irish aquaculture industry? A qualitative methodology is used to explore these research questions using three case studies of new export ventures operating in the aquaculture sector in Ireland.     

Tourists’ virtual reality adoption: an exploratory study from Lake District National Park

Virtual reality (VR) transforms the way destinations market their tourism offerings. To fully understand the opportunities of a technology, initial research is required assessing user adoption. However, empirical research and particularly exploratory qualitative research on VR adoption in tourism context is limited. Therefore, this study uses an exploratory interview approach with 35 participants near Lake District National Park, UK. Using thematic analysis, this study explores factors that influence VR adoption as well as the influencing factors on tourists’ behavioural intentions. This study adds to academia by qualitatively exploring the adoption of a scarcely researched technology within the tourism context.     

Employment and Capital Accumulation in Unionised Labour Markets: Evidence from five south-European countries

This paper analyses the link between employment and capital accumulation in unionised labour markets by using a dynamic monopoly union model. The role of wage setting is also explored within the above context. The empirical analysis is based on annual data from the manufacturing sector of five European countries (France, Greece, Italy, Portugal and Spain). It verifies that capital accumulation has a positive influence on employment. Concerning wages, there is evidence that, in most countries, income opportunities in the public sector play an important role in wage determination. A larger public sector crowds out private investment and employment by serving as a safety net that allows wage setters to push for higher wage demands.