The influence of intraday seasonality on volatility transmission pattern

Using data on a five-minute interval basis, this article analyses the effects of intraday seasonality on volatility transmission between the spot and futures markets of the CAC40, DAX30 and FTSE100. Remarkable differences in the impulse response analysis and in the dynamic and directional measurement of volatility spillovers are encountered depending on whether the intraday periodic component is considered. Thus, the convenience of removing intraday seasonality seems to be critical to reduce the risk of spurious causality when employing high-frequency data in volatility transmission. Moreover, the impact of market microstructure noise seems negligible when using an optimal frequency of observations.     

Persistent Doubt: An Examination of Hedge Fund Performance

We examine whether performance persistence is suspicious. Top quintile portfolios formed on the Sharpe ratio, alpha, and information ratio persistently outperform similarly constructed mediocre third quintile portfolios throughout our sample period, but performance is more modest and less persistent when portfolios are formed on the excess manipulation‐proof performance measure (EMPPM). By selecting funds formed on ranking by Sharpe and information ratios, investors also select funds that have persistently doubtful performance according to the doubt ratio. In contrast, portfolios formed on alphas and especially the EMPPM have much less excess and persistent doubt.     

Remittances,Dutch Disease,and Manufacturing Growth in Developing Economies

Remittances have grown tremendously in magnitude and economic importance in the past four decades, providing economies with additional disposable incomes and even serving as buffers against economic downturns. It is thus but fitting to ask how remittances have impacted on growth, particularly on manufacturing growth. This note presents a simple model linking remittances and manufacturing growth via a ‘Dutch Disease’ channel. Using Blundell and Bond's (1998) system general method of moments on a panel dataset of 56 developing economies from 1992 to 2016, we verify that remittances adversely affect manufacturing growth in economies that experience high real appreciation rates. This result is robust to alternate specifications, such as the inclusion of financial development indicators, the expansion of the sample to include high‐income economies, and the use of different sample periods.     

What is going on when nothing is going on? Exploring the role of the consumer in shaping waiting situations

Research on waiting in services focuses mainly on the role of companies in waiting situations. Much of the existing research envisages the consumer as a passive victim of the delays caused by companies. This article redresses the imbalance in research on waiting by exploring the role of consumers in waiting situations. A qualitative methodology is used, involving data collection through in‐depth interviews and personal diaries, to facilitate an in‐depth analysis of consumers’ waiting experiences. Additionally, a holistic approach is employed with a view to examining the ‘whole’ waiting experience rather than individual or isolated aspects of waiting. The main finding of the study is that consumers play an active and deliberate role in waiting situations. This is the first study to empirically identify the behaviours and initiatives undertaken by consumers when forced to wait for services. The results suggest that consumers play an active role in organising and reducing the real or perceived waiting time. They actively seek information on the length and causes of the wait. And, on occasions, the consumer may also be the cause of the wait or may even increase the delay by their actions. In contrast to most of the existing research on the topic of waiting, this study adopt a qualitative, in‐depth approach, with a multicultural sample, and a focus on the consumer whose role in waiting has previously been overlooked.     

A framework for strategy formulation in sustainable supply chains: a case study in the electric industry

The aim of a sustainable supply chain is the strategic integration of all social, environmental and economic goals within an organization, through a systematic coordination of key business processes in order to improve the long-term economic performance of a company and its value chain. This paper describes a new methodological approach to support the strategy formulation process in sustainable supply chains. The proposed methodology combines three analytical tools (analytic hierarchical process, fuzzy multi-objective optimization, and clustering methods) within a strategy formulation process, integrating the competitive and corporative strategies with the supply chain strategy on the basis of sustainability. A case study in the Mexican Federal Commission of Electricity Gulf-Center Distribution Division shows the capability of our proposed framework. This company is large and complex enough to encompass the whole issue of the supply chain. Results indicate that our methodology is a valid decision support tool to formulate a set of sustainable supply chain strategies, and it is able to generate a coordinated strategy for the management of a sustainable supply chain.     

The entrepreneurial motivation in academia: a multidimensional construct

In this paper we propose a model to analyse the motivation of academic entrepreneurs that comprises six dimensions: personal, relating to the entrepreneurial opportunity, to scientific knowledge, to the availability of resources, to the incubator organization, and to the social environment. The model is tested based on information from a survey administered to 152 Spanish academic entrepreneurs. Our results show that entrepreneurial opportunity is not part of the entrepreneurial motivation, but is of the utmost importance to academic entrepreneurs. Also, we find the scientific knowledge is the main driver of entrepreneurial activity in the academia.     

In Good Company: When Small and Medium‐Sized Enterprises Acquire Multiplex Knowledge from Key Commercial Partners

This study explores the specific conditions under which key strategic alliances of small and medium‐sized enterprises (SMEs) with commercial partners can become multiplex in knowledge exchange. Using survey data from a sample of 150 Spanish SMEs in the information and communication technology (ICT) industry, we find that trust creates an appropriate context for the concurrent acquisition of technological, market, and managerial knowledge. When the SME and its key commercial partner exhibit significant strategic, technological, and market differences, however, the SME's ability to acquire different types of knowledge diminishes considerably, reducing the positive impact of trust on knowledge multiplexity.     

Gender,Management Styles,and Forms of Capital

The United States National Preparedness System has evolved significantly in the recent past. These changes have affected the system structures and goals for disaster response. At the same time, actors such as private businesses have become increasingly involved in disaster efforts. In this paper, we begin to fill the gap in the cross-sector literature regarding interactions that have systemic impacts by investigating how the simultaneous processes of systemic change and intensifying cross-sector interaction worked and interacted in the context of the preparedness system. We examine these inter-linkages through a qualitative study in the setting of Hurricane Sandy. Drawing from systems theory, we develop a grounded model that provides an explanation for the system change and highlights how cross-sector interaction relates to the changes observed in the system.     

Are false own-account workers less job satisfied than true ones?

This article compares job satisfaction of true and false own-account workers. The latter group refers to own-account workers who are employed with the same tasks by the same employer for whom they previously worked as employees. To create a valid comparable group, the former workers are defined as paid employees who independently started a new business as own-account workers. Using data drawn from the European Community Household Panel for the EU-15 and controlling for possible self-selection issues, we observe that false own-account workers, compared with true ones, have less job satisfaction in terms of type of work, number of working hours, working times, and working conditions and environment. Our results are consistent with existing policies aimed to combat false self-employment developed by many OECD countries.     

Measuring and Accounting for the Deprivation Gap of Portuguese Immigrants in Luxembourg

This paper examines the relative well‐being of Portuguese immigrants in Luxembourg by looking at indicators of material deprivation. We document material deprivation differences between immigrants and nationals—the “deprivation gap”—and measure the extent to which income differentials (and other sociodemographic differences) explain this gap using a combination of non‐parametric methods and a versatile graphical device. We find a large and significant deprivation gap against Portuguese immigrants, whatever the indicator considered. The extent to which the gap is merely a reflection of differences in income, however, depends on what deprivation items are taken into consideration. Income differences almost fully account for material deprivation differences when the latter is measured using the items included in the official EU social indicator of material deprivation. Inclusion of housing condition indicators mitigates this relationship and we then find compelling evidence that the deprivation gap is not entirely accounted for by income differentials.