Does Order Flow Commonality Extend Across Trade Sizes and Securities?

We examine commonality in order imbalances across different types of securities and find that the extent of commonality is greater than previously documented. Order imbalances in portfolios of small stocks, large stocks, and closed-end funds have explanatory power for other portfolio returns even in the presence of own order flow. Our analysis of order flow composition reveals commonality in small and medium trades, but not in large trades, across portfolios. The activity from small-size trades is systemic, but not generally associated with returns on other securities. Order imbalances from larger size trades provide more information relevant to stock prices.     

The Cognitive Style Index: A Measure of Intuition-Analysis For Organizational Research

Almost 1000 adults participated in the development of the Cognitive Style Index (CSI), a new measure designed specifically for use with managerial and professional groups. the objectives of the study were, first, to produce a psychome-trically sound instrument suitable for application in large-scale organizational studies, and second, through its development, to confirm empirically the generic intuition-analysis dimension of cognitive style. Findings suggest that each objective was largely fulfilled. At a time when there is a burgeoning interest in intuition as a basis for decision making and problem solving in organizations, the CSI would appear to be a notable addition to the small collection of measures appropriate for survey research.     

The “necessaries of life” in British political medicine, 1750–1850

At the beginning of the nineteenth century, the medical concept of “necessaries of life”—i.e., food, heat, clothing, and shelter—became controversial in Britain. The new domain of political economy, in both its Smithian and its Malthusian modes, challenged the view that necessity was either a measurable concept or a deliverable right. For the political economists, “necessity” was relative, a standard erected by class and culture. Many doctors and surgeons resisted that relativism, insisting that the fever epidemics they were responding to could be directly or indirectly attributed to the absence of such “necessaries.” The first half of the article reviews the distinct debates between doctors and economists on these issues in England, Scotland, and Ireland during the first half of the nineteenth century. By mid-century these so-called “necessaries” had largely been de-medicalized and transformed into the status of consumer commodities. The second half of the paper describes the quite different list of necessities that replaced them in public health campaigning and administration during the second half of the century.     

The relationship between ethics and firm practices in Russia and the United States

One of the fundamental objectives of corporate governance is to promote a climate that fosters ethical decision-making. As transitioning economies move toward more transparent and democratic systems the existence of policies, such as codes of ethics, that attempt to monitor and control moral behavior will become increasingly important. The establishment of ethical standards not only encourages trust with potential trade partners but also is likely to cultivate foreign direct investment. In this study, data collected from 112 U.S. and 74 Russian respondents reveal some intriguing patterns across these two diverse economies. Managerial implications and future research directions are also discussed.     

Factors affecting consumer acceptance of chilled ready meals on the island of Ireland

The chilled ready meal market on the island of Ireland is relatively young but is growing rapidly. This paper focused on a consumer questionnaire (n = 702), designed to examine consumer attitudes to and consumption of chilled ready meals, in both the north and south of Ireland. This formed part of a larger study, with the questionnaire findings contributing to an in‐depth sensory study on a selected range of chilled ready meals. For a significant number of Irish consumers, consumption of these products is higher than on the UK mainland. For others, the products are purchased as a convenient alternative or a weekly treat. Respondents in urban locations were significantly more likely to consume chilled ready meals, as were men and younger, single respondents. Irish consumers are becoming more accustomed to ethnic cuisine although traditional meals remain popular. There is a clear need for developers to continue to enhance the sensory quality of these products, particularly as the primary barrier to consumption was a preference for home cooked food. However, they must also strive to maintain consumer interest in the sector, fulfil the desire for convenience and satisfy a more discerning palate.     

Consumer life styles and market segmentation

Consumer behaviorists faced with the task of segmenting markets increasingly turn to the study of consumer life styles. The life style concept and its role in predicting consumer decisions are analyzed here. One methodology known as AIO or life style research has proven especially useful in identifying heavy users of specific product categories. Three representative AIO portraits—for beer, eye make-up, and bank credit cards—are outlined. An evaluation of life styles as a systems concept suggests bright prospects for presenting research findings to clients, formulating creative strategies, positioning products and services and selecting media. C. W. Post Center, L.I.U. Doubleday Advertising Co.     

Which Daily Price is Less Noisy?

The daily efficient price is the price that would prevail if the market were frictionless. I show that volume-weighted average price (VWAP) provides a less noisy estimate for the unobservable efficient price as compared to the closing price. The variance of daily returns computed with VWAPs is smaller than that computed with closing prices. The difference between these two realized variances is economically significant. The volatility of log closing price change tends to understate the beta risk and Sharpe ratio. A higher noise level in the closing price leads to derivative prices that favor option and volatility-related swap writers.