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Gabriel Rodrigo Gomes Pessanha Nádia Campos Pereira Bruhn Cristina Lelis Leal Calegario Thelma Sáfadi Leiziane Neves de Ázara 《Latin American Business Review》2013,14(4):333-357
The main objective of this research was to investigate the impacts caused by announcements of mergers and acquisitions (M&As) on the volatility of the returns of Brazilian bank stocks from 1994 to 2015. In order to achieve the proposed objective, this study applied Generalized Autoregressive Conditional Heteroscedastic (GARCH) class models to the series to model their volatility. Our results confirmed the impact of the announcement of M&As on volatility. They suggest that M&A announcements are expected to cause a negative reaction if related to an expansion or a deal involving a less-well known bank, and a positive reaction if it involves well-known bank with good reputation—a higher level of confidence and a lower level of information asymmetry for investors. 相似文献
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This article provides the analytical basis for the adoption of a longer view to portfolio diversification in Latin America. The benefits to be gained through time diversification are studied in the context of four countries: Argentina, Brazil, Chile, and Mexico. The empirical evidence of actual annualized returns indicates that risk in investment in Latin American equity returns tends to diminish over longer term investment horizons. 相似文献
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Sandrine Jacob Leal Mauro Napoletano Andrea Roventini Giorgio Fagiolo 《Journal of Evolutionary Economics》2016,26(1):49-76
We build an agent-based model to study how the interplay between low- and high-frequency trading affects asset price dynamics. Our main goal is to investigate whether high-frequency trading exacerbates market volatility and generates flash crashes. In the model, low-frequency agents adopt trading rules based on chronological time and can switch between fundamentalist and chartist strategies. By contrast, high-frequency traders activation is event-driven and depends on price fluctuations. High-frequency traders use directional strategies to exploit market information produced by low-frequency traders. Monte-Carlo simulations reveal that the model replicates the main stylized facts of financial markets. Furthermore, we find that the presence of high-frequency traders increases market volatility and plays a fundamental role in the generation of flash crashes. The emergence of flash crashes is explained by two salient characteristics of high-frequency traders, i.e., their ability to i. generate high bid-ask spreads and ii. synchronize on the sell side of the limit order book. Finally, we find that higher rates of order cancellation by high-frequency traders increase the incidence of flash crashes but reduce their duration. 相似文献
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We consider a multiproduct corporation that adopts consumer-friendly activities and cooperates with single-plant firms for improving welfare. We show that full cooperation is socially beneficial if products are strong complements, whereas partial cooperation with higher consumer-friendly activities is beneficial if products are substitutes. We also examine a sequential choice game of endogenous cooperation in which the multiproduct corporation can induce (partial or full) cooperation and show that our findings are still consistent at equilibrium. We finally compare different ownership of the single-plant firms and find that foreign ownership decreases the benefits of cooperation. 相似文献
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Globally aquaculture has been increasing rapidly and already accounts for nearly half of all food fish consumed. For developing countries, which produce 90% of the world’s output, aquaculture is a source of protein, employment, income and of foreign exchange. Southeast Asia is an area which has experienced this “blue revolution”. Total aquaculture output in the region increased from less than two million tonnes in 1990 to more than eight million tonnes in 2006. Moreover, the region’s pace of expansion has accelerated. Annual average growth rates in output from 2000 to 2006 were more than double those from 1990 to 2000. Already more than a quarter of food fish in Southeast Asia comes from aquaculture. 相似文献
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The article suggests that the four-factor model of corporate citizenship (CC: economic, legal, ethical, and discretionary
responsibilities) does not fairly represent all pertinent dimensions of employees’ CC perceptions. Based on an empirical study
with a sample of 316 employees, we show that, at least in some contexts, individuals distinguish seven CC dimensions: (1)
economic responsibilities toward customers; (2) economic responsibilities toward owners; (3) legal responsibilities; (4) ethical
responsibilities; (5) discretionary responsibilities toward employees; (6) discretionary responsibilities toward the community;
and (7) discretionary responsibilities toward the natural environment. We do not suggest that this seven-factor model represents
all of the (more) relevant CC dimensions in the employees’ minds. We aim to share evidence showing that the four-factor model
proposed by Maignan et al. (Journal of the Academy of Marketing Science 27(4):455–469, 1999) may be refined, at least when the employees are the stakeholders in question. 相似文献
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D J del Bueno 《Nursing economic$》1990,8(4):239-243
In times of personnel shortages, we too often think we must avoid turnover at all costs. Yet some turnover is desirable and much needed. Retaining the wrong individuals can obstruct the very changes essential for our organizations' survival. 相似文献
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Carmen Barroso Castro Ma Mar Villegas Periñan Jose Carlos Casillas Bueno 《International Journal of Human Resource Management》2013,24(10):1842-1863
There is now strong evidence that transformational leadership substantially influences the work attitudes and behaviours of followers. However, the mechanisms by which transformational leaders influence their followers have not been studied in a systematic fashion. The purpose of the present study is, therefore, to analyse how transformational leadership promotes: i) job satisfaction among employees; and ii) affective commitment to the organization. In particular, the possible mediating role of psychological empowerment in these two relationships is conceptually hypothesised and empirically tested. The results demonstrate that psychological empowerment mediates the relationship between transformational leadership and employee attitudes. 相似文献
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