Bimodality in diversification: An efficiency and effectiveness rationale

Various researchers have observed that the frequency distribution of firm diversification is bimodal. The two modes are created by a majority of firms employing either very little or substantial amounts of diversification. Only a minority of firms opt for medium amounts of diversification. From theoretical discussion of the forces of efficiency and effectiveness in diversification, this work provides a rationale for the bimodality phenomenon. In turn, research implications arise regarding optimum degrees of diversification, what the impact of optimization is upon firm performance, and why the measurement of both type and degree of diversification is important.     

Is there life after P<0.05? Statistical significance and quantitative sociology

The overwhelming majority of quantitative work in sociology reports levels of statistical significance. Often, significance is reported with little or no discussion of what it actually entails philosophically, and this can be problematic when analyses are interpreted. Often, significance is understood to represent the probability of the null hypothesis (usually understood as a lack of relationship between two or more variables). This understanding is simply erroneous. The first section of this paper deals with this common misunderstanding. The second section gives a history of significance testing in the social sciences, with reference to the historical foundations of many common misinterpretations of significance testing. The third section is devoted to a discussion of the consequences of misinterpreting statistical significance for sociology. It is argued that reporting statistical significance provides sociology with very little value, and that the consequences of misinterpreting significance values outweighs the benefits of their use.     

Max Weber

A bstract .   This paper argues that Weber's outline and research program is only of limited relevance for present-day economic sociology and heterodox economics because Weber had a rather narrow and static understanding of rationality and the economy. Uncertainty, both as a basic fact of economic life and in the interpretation of what rational action means in specific contexts, is missing in his approach. After a short discussion of the secondary literature on Weber's methodology, the paper focuses on the most important writings of Weber on methods and economics (e.g., his outline and some parts of Economy and Society ). The result of our investigation is that Weber shared a rather narrow, neoclassical understanding of the Austrian variant of economics. His important construction of goal-oriented behavior as the major methodological advice to analyze human action presupposes the idealized assumptions of perfect knowledge. His understanding of the market exchange process, price setting, and the functioning of full competition are rather conventional and elementary. Weber's genius did not materialize in the field of economics, but in his sociology of religion and law and in his sociology of domination.     

Crossing the Boundary of Economics and Sociology: The Case of Vilfredo Pareto

The aim of the paper is to present the economic sociology of Vilfredo Pareto. We argue that Pareto represents a mode of thinking that has not been used in economic sociology and barely considered in the other branches of sociology. We reject the habitual bifurcation of Pareto into "the economist" and "the sociologist." Pareto stresses the non-logical parts of human life, and he provides empirical examples of this in his writing. He was occupied with the dynamics in society as a result mainly of non-logical actions. We show how one may speak of a distinctly Paretian economic sociology, which primarily has its origin in his theoretical discussions. We also show that Pareto conducted empirical studies drawing from his version of economic sociology. Included is finally a presentation, as well as a discussion of Pareto's idea of rentiers and speculators, which is followed up by a more general discussion of economic types in the market.     

Theoretical foundations for the study of sociomateriality

This paper compares two alternative theoretical foundations upon which the study of sociomateriality can be built: agential realism and critical realism. It begins by providing a brief overview of the sociomaterial perspective on organizational practices and considers why this perspective holds great appeal at this point in time. I then engage with Mutch's (2013) critique of the agential realist foundation upon which most current discussions of sociomateriality are constructed to highlight what practical problems are generated when authors attempt to map agential realism's philosophical discussion onto empirical phenomena. Next, I attempt to make explicit what Mutch leaves implicit in his paper: how building studies of sociomateriality on the theoretical foundation offered by critical realism can, potentially, overcome some of the practical problems created by a footing on agential realism. Finally, I push Mutch's arguments one step further to compare what practical consequences arise when researchers attempt to construct studies of sociomateriality on either of these two theoretical foundations. I suggest that there are important implications for what one can study, how one can study it, and how scholars can contribute to theory on technology and organizing based on the theoretical foundation they choose to build upon.     

Work Teams: Perceptions of a Ready-Made Support System?

Much research on work teams has been focused at the team-level, considering such issues as effectiveness, productivity, and overall interaction. Using qualitative in-depth interviews, the author has asked the question: what is the experience of the individual working within a team? This paper discusses one theme to have emerged, that of perceptions of support being provided within the team. Respondents' accounts presented an expectation that support would be forthcoming from other team members. The discussion considers the experiences of respondents both when this support was received and when it was not, prompting a reconsideration of our understanding of work teams. Further discussion shows how the expectation and provision of this support has implications for how individuals view both teams and organizational work in general, and how consideration of this issue can assist managers in the renewal of employees' energy and well-being.     

Detecting Financial Collapse and Ballooning Sovereign Risk

This paper proposes a new model for capturing discontinuities in the underlying financial environment that can lead to abrupt falls, but not necessarily sustained monotonic falls, in asset prices. This notion of price dynamics is consistent with existing understanding of market crashes, which allows for a mix of market responses that are not universally negative. The model may be interpreted as a martingale composed with a randomized drift process that is designed to capture various asymmetric drivers of market sentiment. In particular, the model is capable of generating realistic patterns of price meltdowns and bond yield inflations that constitute major market reversals while not necessarily being always monotonic in form. The recursive and moving window methods developed in Phillips, Shi and Yu (2015a,b; PSY), which were designed to detect exuberance in financial and economic data, are shown to have detective capacity for such meltdowns and expansions. This characteristic of the PSY tests has been noted in earlier empirical studies by the present authors and other researchers but no analytic reasoning has yet been given to explain why methods intended to capture the expansionary phase of a bubble may also detect abrupt and broadly sustained collapses. The model and asymptotic theory developed in the present paper together explain this property of the PSY procedures. The methods are applied to analyse S&P 500 stock prices and sovereign risk in European Union countries over 2001–16 using government bond yields and credit default swap (CDS) premia. A pseudo real‐time empirical analysis of these data shows the effectiveness of the monitoring strategy in capturing key events and turning points in market risk assessment.     

Methodological problems in gender and media research

This paper will focus on the main questions that have arisen from a methodological point of view relating to the theoretical and research area of gender and media, which continues to be the subject of discussion and debate. The methodology chosen by scholars has changed over the course of time, depending on: the interpretative paradigm underlying the researchers (especially from the feminist perspective which leads the analysis, due to the theme); the sociocultural context; the type of contents offered by the media (old, new media); and technological innovations in the communications field. In particular, the author underlines that scholars who adopt the equality between the sexes perspective tend to favour quantitative methods, while scholars oriented towards highlighting sexual and gender differences tend to favour qualitative methods.     

Utilising Recent Advancements in Techniques for the Analysis of Incomplete Multivariate Data to Improve the Data Quality Management of Current Academic Research

This paper discusses the importance of managing data quality in academic research in its relation to satisfying the customer. This focus is on the data completeness objectivedimension of data quality in relation to recent advancements which have been made in the development of methods for analysing incomplete multivariate data. An overview and comparison of the traditional techniques with the recent advancements are provided. Multiple imputation is also discussed as a method of analysing incomplete multivariate data, which can potentially reduce some of the biases which can occur from using some of the traditional techniques. Despite these recent advancements in the analysis of incomplete multivariate data, evidence is presented which shows that researchers are not using these techniques to manage the data quality of their current research across a variety of academic disciplines. An analysis is then provided as to why these techniques have not been adopted along with suggestions to improve the frequency of their use in the future. Source-Reference. The ideas for this paper originated from research work on David J. Fogarty's Ph.D. dissertation. The subject area is the use of advanced techniques for the imputation of incomplete multivariate data on corporate data warehouses.     

The psychologisation of employment relations?

This article argues that HRM is by nature a multidisciplinary subject area, and that it has traditionally been closely associated with the field of industrial relations (IR). However, it appears to have increasingly been taken over by industrial and organisational (I‐O) psychology, and in the process increasingly associated with organisational behaviour, which has also been taken over by I‐O psychology. Coupled with the narrowing and marginalisation of IR, this has meant an increasing ‘psychologisation’ not only of the study of HRM, but of the study of employment relations in general. This article discusses why this appears to have been happening, what its implications might be and what (if anything) might be done about it. Focus is on developments within North America, although the issues raised apply, perhaps, to different degrees, across liberal market countries and possibly beyond.     

A contingent claims analysis of optimal investment subsidy

This paper uses contingent claims analysis to answer two questions: (i) why are some subsidy markets apparently slow in attracting an optimal subsidy when others are not, and (ii) what can be done about it? The lack of activity in the green investment subsidy markets has been a concern as it appears optimal that countries should offer such support from a welfare point of view but progress has nonetheless been stalling, which motivates this paper. We show that free riding (which is likely to affect the green subsidy market) cools down the subsidy market with harmful welfare effects, and preemption (which is likely to affect the more active FDI subsidy market) overheats the subsidy market with similarly harmful effects. The theory dictates a taxation scheme that offsets these effects to restore the welfare to its maximum point.     

AN ALGORITHMIC INFORMATION THEORETIC APPROACH TO THE BEHAVIOUR OF FINANCIAL MARKETS

Using frequency distributions of daily closing price time series of several financial market indices, we investigate whether the bias away from an equiprobable sequence distribution found in the data, predicted by algorithmic information theory, may account for some of the deviation of financial markets from log‐normal, and if so for how much of said deviation and over what sequence lengths. We do so by comparing the distributions of binary sequences from actual time series of financial markets and series built up from purely algorithmic means. Our discussion is a starting point for a further investigation of the market as a rule‐based system with an algorithmic component, despite its apparent randomness, and the use of the theory of algorithmic probability with new tools that can be applied to the study of the market price phenomenon. The main discussion is cast in terms of assumptions common to areas of economics in agreement with an algorithmic view of the market.     

MARKET MANIPULATION: A SURVEY

Abstract Despite the significant attention that market manipulation has received in recent years many aspects of it are poorly understood. This article identifies from the theoretical and empirical literature what we do and do not know about market manipulation, and suggests directions for future research. We know that manipulation is possible and that it occurs in a wide variety of markets and circumstances. In contrast, we know little about how often manipulation occurs, its effects and how it responds to regulation. Suggested approaches for future research on these issues include: (1) collecting more comprehensive data sets of manipulation cases; (2) using detection controlled estimation methods to overcome sample selection and partial observability problems and (3) conducting controlled experiments. This article also constructs a novel and broad taxonomy of the different types of market manipulation and discusses approaches to defining manipulation.     

INTERTEMPORAL SUBSTITUTION IN CONSUMPTION: A LITERATURE REVIEW

This paper reviews the status quo of the empirical literature about the elasticity of intertemporal substitution (EIS) in consumption. Aiming to answer the question what the true magnitude of the parameter really is, it discusses several recent advances of the theory and highlights challenges for the estimation. Although the general discussion still seems to be prevailed by Hall's early EIS estimates close to zero, we show that several deviations from the time-additive constant relative risk aversion model speak in favor of considerably higher values. Our treatment is supposed to provide researchers a hint at which parameter is a reasonable and incontrovertible choice for the calibration of models in macroeconomics and finance.     

中国系族集团与一般企业多元化差异的实证研究

在尝试性地对系族集团的概念进行界定之后,对中国系族集团多元化均值、中位数和战略类型进行了实证分析。然后,从资本市场融资、公司治理失效、多元化战略面临的委托代理问题以及系族集团多元化"假象"等角度,深入探讨了系族集团多元化和一般企业多元化存在明显差异的深层原因。     

Do industries matter?

This paper poses the question ‘Do Industries Matter?’ in order to shed light on what observation-based Industry Studies researchers can offer empirical economists using large-scale datasets. I argue that industries matter from three distinct perspectives. First, the methodological approach in Industry Studies adds value to economists' normal activity of testing and generating theory. Data collected using Industry Studies methods can lead to new ideas and theory-building. Second, industries matter as they provide an institutional and historical context in which to study firms and workers. Such context improves the interpretation of how and why different practices and institutions fit together in specific industries. Third, recognizing differences in what is meant by an industry improves our ability to interpret specific ‘industry dummies’ in regressions.     

河源物业管理招投标现状探析

物业管理招投标是物业管理市场化进程的关键。本文针对当前河源房地产市场快速发展过程中暴露出的招投标问题,分析了物业管理招投标不能落实的原因,并提出了相应的对策。     

CHOOSING AMONG ALTERNATIVE LONG‐RUN EVENT‐STUDY TECHNIQUES

This paper reviews the long‐run event‐study debate by outlining the strengths and weakness of the most commonly used alternative techniques. The fist part of the discussion highlights that prior literature has failed to provide a single risk‐adjusted model of long‐run abnormal returns with no biases. Subsequently, the paper provides guidance on how one can choose among pertinent alternative techniques. As a conclusion, researchers ought to choose among alternative techniques after considering issues such as (i) the nature of dataset and market of interest, (ii) the event type (regulatory or corporate), (iii) returns’ time‐interval, (iv) association of the event with accounting data, (v) sample characteristics and prior evidence regarding similar events, as well as (vi) risk changes following the event. Robustness tests are essential, while the road for further research regarding the appropriate technique(s) is open.     

The effectiveness of European active labor market programs

Active Labor Market Programs are widely used in European countries, but despite many econometric evaluation studies analyzing particular programs no conclusive cross-country evidence exists regarding “what program works for what target group under what (economic and institutional) circumstances?”. This paper aims at answering this question using a meta-analysis based on a data set that comprises 137 program evaluations from 19 countries. The empirical results of the meta-analysis are surprisingly clear-cut: Rather than contextual factors such as labor market institutions or the business cycle, it is almost exclusively the program type that seems to matter for program effectiveness. While direct employment programs in the public sector frequently appear detrimental, wage subsidies and “Services and Sanctions” can be effective in increasing participants' employment probability. Training programs – the most commonly used type of active policy – show modestly positive effects.     

Contracts,compacts and the common law Some problems with New Right theories of human resource management Contracts,compacts and the common law

The study of HRM in Spain is flourishing. We have seen the major international journals begin to reflect the work of Spanish academics in this area. The standard is high and the international network of Spanish scholars is increasingly developed. This paper attempts to review the work that is published in English and to see how Spanish HRM systems are represented externally. It tries to locate the discussion of the HRM research in Spain within its academic and social context. The authors argue that there are some characteristics marking this debate and development, which suggest that the study of HRM in Spain is hugely Americanized in terms of methods and content. The lack of synergies with sociology and political economy are evident. Moreover, the shortage of rigorous qualitative research, apart from that on employment relations and the sociology of work, raise some serious issues. The manner in which a discourse of HRM in Spain has evolved leaves many questions and issues unaddressed. While evaluating what we believe to be a relevant selection from HRM publications on Spain in English by Spanish authors in the last 15 years we do not attempt to present them all here. Instead, we try to isolate some representative articles. In sum, the paper aims to fill a gap in the Spanish HRM literature by studying the main debates, the research issues that are given priority and the methodological options. As a conclusion, we can say that it is necessary to encourage academic discussions regarding the features of the management of HR in Spain. In this sense it should be noted that the mainstream HRM approaches formulated in American Business Schools do not necessarily fit within the Spanish context.