Strategic timing of annual earnings announcements: evidence from an order-driven market

Using Spanish data, this paper examines, for the first time, the differences in the intraday response of an order-driven market to earnings announcements made during trading and non-trading hours. We show that the speed of reaction depends on timing of the announcement: for overnight (daytime) announcements, the improvement in liquidity is (not) immediate. This finding could explain why Spanish firms prefer to release the bad (good) earnings announcement in trading (non-trading) hours. This strategic timing differs from the traditional disclosure policy in American markets, suggesting that different microstructures may react differently to news releases and, consequently, drive the strategic timing of corporate disclosures.

Child Farm Labor: The Wealth Paradox

This article is motivated by the remarkable observation thatchildren of land-rich households are often more likely to bein work than the children of land-poor households. The vastmajority of working children in developing economies are inagricultural work, predominantly on farms operated by theirfamilies. Land is the most important store of wealth in agrariansocieties, and it is typically distributed very unequally. Thesefacts challenge the common presumption that child labor emergesfrom the poorest households. This article suggests that thisapparent paradox can be explained by failures of the marketsfor labor and land. Credit market failure will tend to weakenthe force of this paradox. These effects are modeled and estimatesobtained using survey data from rural Pakistan and Ghana. Themain result is that the wealth paradox persists for girls inboth countries, whereas for boys it disappears after conditioningon other covariates.     

Situational Project Management for Collaborative Research Projects

Collaborative research projects form a specific project type, aimed at organizing innovation endeavors between industry, academic, and public partners. They've become increasingly widespread and their management is challenged due to ambiguously defined goals and the heterogeneous interests of many partners. We present a situation‐specific approach that enables managers to select established project management knowledge according to changing needs along the project life cycle. Making use of thematic analysis, we develop a graphical framework to describe and analyze project situations. Further we establish situation profiles as a concept to relate each situation to a management method that corresponds with its managerial needs.     

Application of factor models for the identification of countries sharing international reference-cycles

Using the methodology developed in Stock and Watson (2002a), this paper proposes to exploit the information that contains the factor loading to identify the countries sharing common factors. The proposal is illustrated by analyzing the relation with the international reference-cycle of a large sample of advanced countries from 1950 until 2006.     

The Successful Product Pioneer: Maintaining Commitment while Adapting to Change

Introducing pioneering products is an important entrepreneurial activity and the lifeblood of small businesses, yet previous literature on pioneering and performance in small firms has been inconclusive. Based on data gathered from entrepreneurs in 51 small computer firms, the study found that commitment (entrepreneurial confidence) and adaptability (corporate entrepreneurship and environmental dynamism) were especially beneficial to pioneers. The other three variables (product championing, marketing emphasis, and technological newness) contributed to performance across all new product introductions but did not have modifying effects on pioneering introductions in particular.