The Ex‐Day Price Behavior of REITs: Taxes or Ticks?

Taxes and microstructure constraints are often cited as possible explanations for why stock prices drop by less than the dividend on their ex‐dates. Using a sample of real estate investment trusts, which have no significant correlation between dividend size and yield, we find that close‐to‐open ex‐dividend price drops are related to dividend size as suggested by the microstructure models, but close‐to‐close price drops are related to dividend yield as predicted by the tax theory. These results imply that overnight price drops are primarily determined by microstructure, but that trading during the ex‐day causes prices to adjust to reflect individual tax preferences.     

Neuro‐fuzzy time‐series analysis of large‐volume data

This paper describes a framework that utilizes an adaptive‐network‐based fuzzy inference system to perform user‐constrained pattern recognition on time‐series data. Using a customizable fuzzy logic grammar, the architecture allows an analyst to capture domain expertise in a context‐relevant manner. Fuzzy logic rules constructed by the analyst are used to perform feature extraction and influence the training of a neural network to perform pattern recognition. We demonstrate that the architecture is capable of performing noise‐tolerant searches across multiple features on large volumes of time‐series data. The experiments presented here are from the domain of stock analysis. We are able to create simple rule sets automatically to search a data warehouse of stocks to select stocks that exhibit desirable behaviours. Copyright © 2011 John Wiley & Sons, Ltd.     

Are MMMFs money?

Conclusion In the last twenty years, continual financial innovation has led to the increased use of MMMFs as a substitute for checkable deposits. While many technical considerations suggest that it is inappropriate to list MMMFs as money, traditional Austrian thought has emphasized money’s subjective aspects: money is what people think it is. Since the public increasingly uses MMMFs as money substitutes, they are money in all practical respects. Every technical consideration that would restrict the use of MMMFs as a type of money thus crashes against the rocks of practical, everyday experience. While nonbank financial intermediaries can expand this type of money substitute, the Federal Reserve must still provide initial credit for any multiplication to take place. These nonbanks are even more difficult for the Fed to control, for they face no reserve requirements. But, on the other hand, there are more opportunities for leakage from the system, thereby limiting potential credit expansion. Nonetheless, this is an aspect of money that is becoming increasingly important. And if, as seems likely, MMMF expansion stimulates different sectors of the economy than the banking system generally, we should expect to see monetary inflation manifest itself in different ways than previous inflations. The views expressed in this article are those of the author and do not reflect the official policy or position of the United States Air Force, the Department of Defense, or the U.S. Government. The author thanks Bryan Caplan for crucial insights on the topic as well as Pete Boettke and an anonymous referee for specific comments. As usual, all remaining mistakes are his.     

The sign value of accounting: IMF structural adjustment programs and African banking reform

This paper examines an IMF structural adjustment program and the role of accounting technologies and agents within that program. Focusing on banking sector reform in Nigeria, the paper shows how IMF attempts to remake economic life come up against formidable contextual challenges, and how accounting may or may not be taken up to confront those challenges. Specifically, it shows that even where accounting numbers are ‘managed’, the potential disciplinary power of accounting's system of signs remains, though again that power may not be exploited if those who are responsible for governing lack the necessary desire. The study's findings challenge two sets of understandings: that which sees the economy as somehow separate or distinct from the wider socio-political field, and that which sees crises such as occurred in Nigeria as simply resulting from inadequate or insufficient accounting regulations and controls.     

Software firm turnarounds in the 1990s: An analysis of reversing decline in a growing,dynamic industry

Investigations into management actions that reverse organizational decline have produced inconsistent findings. Prior studies have focused on the value of retrenchment actions versus strategic actions to engineer a performance turnaround. These studies, however, have generally not controlled for the cause of firm decline, overlooking a major theoretical contingency. Examining prepackaged software firms in the 1990s, we test the association of strategic and retrenchment actions in facilitating turnarounds in a munificent industry. The results show that measures of strategic actions—new product introductions, strategic alliances, and acquisitions—were positively associated with turnarounds. Conversely, measures of retrenchment actions—layoffs, asset reductions, and product withdrawals—were negatively associated with performance recovery. Our results suggest declining firms in munificent industries cannot retrench their way back to prosperity. Copyright © 2013 John Wiley & Sons, Ltd.     

If you're close with the leader,you must be a brownnose: The role of leader–member relationships in follower,leader, and coworker attributions of organizational citizenship behavior motives

Although scholars have recognized that organizational citizenship behavior (OCB) can be attributed to either self-serving or other-serving motives, little research has addressed the conditions under which different observers will make positive versus negative attributions for OCB. We draw on leader-member exchange (LMX) and attribution theories to propose that high-quality LMX relationships are associated with positive attributions of OCB motives by the follower and the leader but negative attributions of OCB motives by coworkers. We theorize that while high-quality LMX relationships are associated with attributions of pro-social and organizational concern motives by the follower and the leader, coworkers view OCB performed by those in high-quality LMX relationships as driven by impression management motives. We discuss implications for theory and research on OCB and LMX.     

“Women Home and Away”: Transnational Managerial Work and Gender Relations

This article addresses the intersections, even blurrings, of two “homes” and two “aways” – the personal, ‹private’ home and the corporate ‹public’ ‹away’, and the national home country and corporate base and the transnational work away. Drawing on 40 semi-structured interviews with women and men top and middle managers in seven multinational corporations located in Finland, we examine the complex relations among transnational managerial work, corporate careers and personal, marriage and family-type relations, and their differences for women and men managers. This shows the very different personal and social worlds inhabited by senior women and men managers, and how transnational processes can make those differences even greater.

加盟餐饮业须知

“如果你没有任何在餐饮企业工作的经历,你如何知道自己是否拥有技能和热情?”