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.     

How sticky are local expenditures in Italy? Assessing the relevance of the flypaper effect through municipal data

An extensive literature analysed the impact of upper tier transfers on spending behaviour of lower level governments finding evidence of a flypaper effect, an overreaction to varying grants from upper tiers. Our work seeks to supplement a dearth of evidence for the Italian case by focusing on the responsiveness of municipal expenditures to State grants. We use a panel of almost 8,000 municipalities from 1999 to 2006. Budget data are matched with several other information sources, enabling us to investigate also the role played by some important political factors like the electoral cycle or the political strength of local cabinets. Application of panel data techniques with the use of instrumental variables and a dynamic setting highlights the presence of a sizeable flypaper effect and a significant role for political variables while the asymmetric response is not confirmed in all specifications.     

Media coverage and location choice

Emphasizing the importance of informed location choice, prior strategy research has examined how private information about locations affects foreign direct investment. Publicly available media information has received little attention, however, perhaps because its impact on location choice is expected to be trivial. This study examines the relationship between the extent of a location's media coverage and the number of entering foreign firms in Russia, using a novel instrumental variable for media coverage, a major anniversary of a city's establishment date. The results suggest that extensive foreign media coverage of a city increases the number of foreign entrants. This effect is stronger for firms with less private information about Russian cities; i.e., more socially and geographically distant firms and foreign entrepreneurs. Copyright © 2013 John Wiley & Sons, Ltd.     

The impact of sub‐national institutions

This paper assesses the effect of sub‐national institutions on the economic performance of Russia's regions (oblasts, republics, krais and okrugs) from 2001 to 2008, a period of rapid economic advancement and recentralization. Approximating sub‐national institutions with the RA Expert index of investment risk, we find that a reduction in investment risk by one standard deviation increases output by 1.4 percent in the short run and 11.9 percent in the long run, suggesting a substantial regional performance gap in government practices, despite intensive political recentralization. Assuming that the main components of effective governance are running satisfactory public health programmes aimed at decreasing overall mortality among the working‐age population, creating fair labour market conditions and improving the regional institutional climate to encourage investment in fixed assets, we argue that sub‐national institutions remain important for growth in post‐Soviet Russia after 2000. This paper contributes to the literature on institutional persistence.     

What is the role of innovation in productivity growth in Central and Eastern European countries?

The paper uses company level data from the Eurostat's Community Innovation Survey 2008 and applies CDM model in order to estimate the links between R&D engagement, R&D intensity, innovation output and productivity in selected Central and Eastern European Countries – Bulgaria and Romania, and compares their performance with Germany. The results showed that different processes drive company's decision to engage in R&D in Bulgaria and Romania in comparison to Germany; R&D intensity is an important factor of product innovation in the observed CEE countries and product innovation leads to higher productivity in Bulgaria and Romania, while process innovation leads to higher productivity in Bulgaria, but not in Romania.     

电化学氧化法处理垃圾渗滤液中氨氮实验研究

针对我国垃圾渗滤液成分复杂,处理技术不成熟等问题,采用电化学氧化的方法对含高氨氮的模拟垃圾渗滤液废水进行了实验研究。研究了不同的阳极材料,电流密度和氯离子质量浓度对氨氮的去除效果的影响。结果表明,在采用TiO2/SnO2阳极,电流密度20 mA/cm2,氯离子质量浓度10 g/L的条件下,氨氮的去除率可达到95％。在反应过程中,氨氮的去除符合准零级反应动力学。在最优条件下采用电化学氧化法处理实际的垃圾渗滤液,结果发现,反应240 min后,废水中的氨氮也可得到全部去除,色度的去除率可达82％。该方法用于成分复杂的垃圾渗滤液的脱氮处理具有较好的应用前景。     

Employability and mental health in dismissed workers: the contribution of lay-off justice and participation in outplacement services

The current study’s explored if and how psychosocial resources of employability contribute to mental health of dismissed workers. Degree of outplacement services use, perceived employability and perceived organizational lay-off justice were examined as mediators of the relation between personal employability and mental health. The research involved dismissed workers in the pharmaceutical industry, who joined programs of re-employment sponsored by companies. Structural equation results showed that the lay off workers with higher personal employability were less likely to have mental health deterioration. Furthermore psychosocial resources of personal employability directly increased perceptions of having job available alternatives and was indirectly associated with a higher degree of use of outplacement programs, but these variables didn’t mediate the relation with mental health. Lay-off justice had a direct positive impact on mental health, but it was not relate with employability. Our study contributes to understand some psychological processes that can affect the decision to utilise outplacement programs and offers suggestions for employability profiling.