The determinants of the price impact of block trades: further evidence

This article extends previous literature which examines the determinants of the price impact of block trades on the Australian Stock Exchange. As previous literature suggests that liquidity exhibits intraday patterns, we introduce time of day dummy variables to explore time dependencies in price impact. Following theoretical developments in previous literature, the explanatory power of the bid–ask spread, a lagged cumulative stock return variable and a refined measure of market returns are also examined. The model estimated explains approximately 29 per cent of the variation in price impact. Block trades executed in the first hour of trading experience the greatest price impact, while market conditions, lagged stock returns and bid–ask spreads are positively related to price impact. The bid–ask spread provides most of the explanatory power. This suggests that liquidity is the main driver of price impact.     

Dynamic redistribution of mitigation resources during influenza pandemics

The Institute of Medicine (IOM) has pointed out that the existing pandemic mitigation models lack the dynamic decision support capability. In this paper, we present a simulation optimization model to generate dynamic strategies for distribution of limited mitigation resources, such as vaccines and antivirals, over a network of regional outbreaks. The model has the capability to redistribute the resources remaining from previous allocations in response to changes in the pandemic progress. The model strives to minimize the impact of ongoing outbreaks and the expected impact of potential outbreaks, considering measures of morbidity, mortality, and social distancing, translated into the societal and economic costs of lost productivity and medical services. The model is implemented on a simulated H5N1 outbreak involving four counties in the state of Florida, U.S. with over four million inhabitants. The performance of our strategy is compared to that of a myopic distribution strategy. Sensitivity analysis is performed to assess the impact of variability of some critical factors on policy performance. The methodology is intended to support public health policy on effective distribution of limited mitigation resources.     

What factors influence buying center brand sensitivity?

Building on information processing theory (IPT), this empirical study investigates the factors that drive a buying center's level of sensitivity to brand information. The authors propose that buying center brand sensitivity is related in a curvilinear fashion with purchase importance and purchase complexity, and that these relationships are moderated by several environmental, firm, and product factors. Data provided by 273 organizational buying center members confirm the presence of an inverse U-shaped relationship between purchase importance and brand sensitivity, strengthened in conditions of high brand presence and high end-customer demand. Purchase complexity and brand sensitivity appear to relate in a U-shaped fashion but only in light of the moderating effects of product tangibility. The relationship between purchase complexity and brand sensitivity appears stronger when buying firms are small and have prior contractual ties with their selling partners. These results offer guidance to managers concerning when business-to-business (B2B) brand investments are likely to offer their greatest return.     

Cross-country differences in attitudes to business associations during the 2007–2010 recession

This paper uses empirical data gathered through an on-line survey of 206 small and medium-sized enterprises (SMEs), conducted in France, Sweden and the UK. The paper examines cross-country differences in SME managers’ perceptions of business associations as sources of political intelligence and their ability to influence policy responses to financial crises. Findings demonstrate that the respondents’ countries of origin are significantly correlated with (1) their use of information sources to gather political intelligence, (2) their perceptions regarding the effectiveness of business associations in influencing policy outcomes, and (3) their perceptions regarding policymakers’ appreciation of information provided by SME associations.     

Prospects for food security in the 21st Century: with special emphasis on Africa

Food security for the world in 2025 is possible and probable if the right set of things are done, starting now. But the task will not be easy. It is both a technology and a political/economic challenge. The challenge for sub-Saharan Africa is even greater. While other regions improved per capita food availability over the last 30 years, Africa's availability declined. But food security is about more than supply. It is also about access which means income generating employment is critical. Meeting future requirements in Africa and the world will require sustainable intensification of complex production systems, appropriate national and international policies and continued investments in agricultural research. Without these conditions and increased employment intensive growth, prospects for the future are less bright.     

Implications of Economic Interdependence for Endogenous Wage Indexation Decisions

This paper shows how economic interdependence affects the indexation decisions of atomistic wage setters in an environment in which monetary authorities do not observe stochastic disturbances before making their policy choices. If stochastic disturbances are common across countries, interdependence has no effect on equilibrium indexation choices in identical countries. However, if disturbances are country specific, numerical simulations show that interdependence is likely to reduce equilibrium indexation choices relative to a small open economy. We also show that indexation choices may be either strategic complements or strategic substitutes, but that strategic complementarity becomes more likely as the degree of interdependence rises.     

Toward a more practical approach to evaluating programs: The Multi‐Objective Realization approach

Emerging trends indicate that programs are being used to deliver benefits that may not be fully harnessed from single sets of uncoordinated projects. To support this movement, it is essential to have suitable measurement frameworks to assess the contribution of these activities and supply decision makers with valuable data on whether their objectives are being realized. This paper introduces the Multi‐Objective Realization Method (MORE) to help measure the strategic contributions of programs. The main principles of MORE underline the importance of a formal strategy to elicit and develop program objectives and to frame those objectives within defined measurement dimensions.     

Would a stock by any other ticker smell as sweet?

Some stocks have meaningful ticker symbols; for example, LUV (Southwest Airlines), MOO (United Stockyards), and GEEK (Internet America). Such tickers might be a useful signal of the company's creativity, a memorable marker that appeals to investors, or a warning that the company feels it must resort to gimmicks to attract investors. This paper investigates the performance of stocks with memorable ticker symbols during the years 1984–2005 and finds that, on average, their daily returns are higher than for the overall market.