Enhancement of value investing strategies based on financial statement variables: the German evidence

This paper examines the added-value of combining traditional valuation ratios with each other as well as with some financial statement variables in the German stock markets during the 2000–2015 period. The results show that combination pays off and, moreover, that the benefits of combination are greater in Germany than in most other developed stock markets. Particularly, we find strong evidence of the added-value of using Piotroski’s F-score as a supplementary selection criterion for value stocks as well as for low-accrual stocks. Our results show further that the F-score also boosts the efficacy of other valuation ratios besides the book-to-price ratio. In addition, the inclusion of F-score besides a relative value measure tends to increase the average market equity of portfolio firms. The decomposition of the full-sample-period performance into separate bull- and bear-period performance shows clearly that the better performance of F-score-boosted portfolios is mostly attributable to their outperformance during bearish periods, even though on average, they also generate higher bull-period returns than the comparable value portfolios formed without F-score. The use of F-score as a supplementary criterion also increases the proportion of stocks that earn above-market-average returns during the subsequent holding period. For the first time in the financial literature, we also document a strong relationship between high F-score stocks and momentum stocks.     

Integration or disintegration? Human resource implications of a common corporate language decision in a cross-border merger

The primary purpose of introducing a common corporate language in cross-border mergers is to integrate two previously separate organizations and facilitate communication. However, the present case study of a cross-border merger between two Nordic banks shows that the common corporate language decision may have disintegrating effects, particularly at organizational levels below top management. We identify such effects on performance appraisal, language training and management development, career paths, promotion and key personnel. Our findings show that top management needs to work through the consequences of the language decision upon those who are expected to make such a decision work.     

Consumer participation in sustainable technology development

The article discussed consumer participation in the assessment and development of sustainable innovations, i.e. new technologies and services that have the potential to radically reduce natural resource use. Needs and contexts for consumer involvement were identified, and three case studies that each adopted a different approach to consumer participation were presented. The discussion included lessons learned from these case studies, and it identified priorities for future research and development.     

Reproduction and Change on the Global Scale: A Bourdieusian Perspective on Management Education

Despite a proliferation of critical studies on management education, there is a paucity of knowledge of the ways in which problematic beliefs, values, and practices are reproduced in and through management education. By drawing on and extending Bourdieu's seminal work, this paper offers a new perspective on reproduction on the global scale. Our framework spans three inter‐related levels of analysis: the dominant beliefs, values, and practices (nomos and doxa) of management in global society; the structuration of the field of management education on a global scale; and the prevailing pedagogical practices in management education programmes. Our analysis adds to critical studies of management education by elucidating the overwhelming institutional forces of reproduction and thus explaining how difficult it is to effect change in the prevailing ideas, values, and practices. Unlike most critical analyses, we also explain how change might take place and what it would require. Thus, our analysis advances studies of reproduction in this era of globalization more generally. It also provides an example of how Bourdieusian ideas can be applied and expanded upon in novel ways in research on education in general and management education in particular.     

How Do Innovations Affect Mergers and Acquisitions—Evidence from Finland?

We have analysed whether innovations in a firm's possession increase a firm's propensity to buy other firms and, on the other hand, whether this possession attracts other firms so that they buy the firm concerned. Our results suggest that in the heavily investing processing industries high entry costs and the incumbency of all the firms make more efficient firms—the possessors of innovations—acquire inefficient firms. On the other hand, in the non-processing industries innovators become, according to our findings, easily purchased by the other firms whose strength obviously lies in other areas than in innovative activity. JEL classification  G34, O31, O32     

The anatomy of returns from moving average trading rules in the Russian stock market

This paper examines the profitability of index trading strategies that are based on dual moving average crossover (DMAC) rules in the Russian stock market over the 2003–2012 period. It contributes to the existing technical analysis (TA) literature by comparing for the first time in emerging markets the relative performance of individual stocks’ trading portfolios with that of trading strategies for the index that consists of the same stocks (i.e., the most liquid stocks of the Moscow Exchange). The results show that the best trading strategies of the in-sample period can outperform buy-and-hold strategy during the subsequent out-of-sample period, although with low statistical significance. In addition, we document the benefits of using DMAC combinations that are much longer than those employed in previous TA literature. Moreover, the decomposition of the full-sample-period performance into separate bull- and bear-period performances shows that the outperformance of the best past index trading strategies over is mostly attributable to the fact that they managed to stay mostly out of the stock market during a dramatic crash caused by the global financial crisis.     

Attributional tendencies in cultural explanations of M&A performance

This paper focuses on managers' attributions of M&A performance. Our analysis indicates that there is a linear association between performance and attributions to cultural differences, which is moderated by prior experience. Furthermore, our results suggest that there is a curvilinear association between performance and attributions to managers' actions, but we found no support for the moderating effect of experience for this association. By substantiating these attributional tendencies, our results contribute to research on M&As and studies on attribution more generally. In particular, our study helps to put cultural differences in perspective and cautions researchers and practitioners alike to avoid simplistic explanations of M&A performance. Copyright © 2013 John Wiley & Sons, Ltd.     

The Contraction of Meaning: The Combined Effect of Communication,Emotions, and Materiality on Sensemaking in the Stockwell Shooting

In this paper, we seek to understand how individuals, as part of a collective, commit themselves to a single, and possibly erroneous, frame, as a basis for sensemaking and coordinated actions. Using real‐time data from an anti‐terrorist police operation that led to the accidental shooting of an innocent civilian, we analyse how individual actors framed their circumstances in communication with one another and how this affected their subsequent interpretations and actions as events unfolded. Our analysis reveals, first, how the collective commitment to a framing of a civilian as a terrorist suicide bomber was built up and reinforced across episodes of collective sensemaking. Second, we elaborate on how the interaction between verbal communication, expressed and felt emotions, and material cues led to a contraction of meaning. This contraction stabilized and reinforced the overall framing at the exclusion of alternative interpretations. With our study we extend prior sensemaking research on environmental enactment and the escalation of commitment and elaborate on the role of emotions and materiality as part of sensemaking.     

To whom are IAS earnings informative? Domestic versus foreign shareholders' perspectives

Using a sample from the Helsinki Stock Exchange, this paper analyses the information content of dual disclosures of IAS (International Accounting Standards) and LAS (Local Accounting Standards) earnings. Their information content to foreign and domestic shareholders can be distinguished from each other as the unrestricted shares (available to foreign and domestic investors) and the restricted shares (available to domestic investors only) of the same set of companies were listed separately during 198492. The information content is tested with regressions using market-adjusted stock returns measured from the fifty-week period ending in the week of financial statements release. The overall findings suggest that restating local GAAP earnings according to the IAS helps to meet foreign investors' information needs, but is of limited use to domestic investors.     

先动优势：何种情况下它最有效？

一、导言 　　先动优势是一个众所周知的术语,适用于那些在网络泡沫中求生存的人.奇怪的是,尽管自从上世纪90年代末期以来没有人敢质疑市场先入者的万能力量,但学者们却对先动优势一直争论不休.为数不多的勇敢提出质疑的人,被认为已不可避免地落在时代的后面.正如Gary Hamel所说,先动优势被认为是完全凌驾于评判之上的近乎神圣的颂词（Hamel,2001）.