Tax loss selling and the contrarian investment strategy

Tax loss selling is examined as a possible explanation for the long term price reversal patterns associated with the contrarian investment strategy. Our empirical results are consistent with a tax effect. When we adjust for size and potential tax loss selling, the abnormally high returns previously found in January are eliminated. These results suggest that short term tax effects are associated with the longer term overreaction or contrarian hypothesis, and at this point cannot be dismissed.     

Further evidence of the November effect

Tax-loss selling by individuals has long been thought to be a major factor driving the January effect. The Tax Reform Act of 1986 changed the tax-year end for mutual funds to October 31 and increased the marginal tax rate, creating a natural experiment allowing Bhabra, Dhillon, and Ramirez (1999) to empirically test the tax-selling hypothesis. They find empirical support for a postact November effect. However, a second paper by Gibson, Safieddine, and Titman (2000) finds empirical support for the November effect in only one post-act year, 1990. In this article, we respecify betas, calculate holding period returns over each tax year, construct portfolios with large, differences in mutual fund ownership, and test for the presence of a bid-ask spread bias. The empirical results offer evidence of a November effect but only in the first week of November.     

Just-in-time: maximizing its success potential

The effective implementation and use of JIT manufacturing practices depends largely on the education, training, and commitment of all levels of management to a fundamental quality-first policy. Management must transfer and demonstrate that commitment to every level and extension of the manufacturing endeavor. As a company establishes and reaches toward that goal, the move to JIT manufacturing practices becomes rational and justifiable. Failing to establish and commit to a quality directive greatly diminishes the potential benefits of JIT. If all levels of manufacturing participate in the JIT planning, implementing, and maintenance procedure, the realization of positive change and improvement drives the process. Total participation makes the task of JIT implementation not only possible, but practical. Enhanced mutual respect for all concerned is a likely consequence, advancing the productive environment.     

Politics in the Informalizing Metropolis: Displacement,Resettlement and Unstable Negotiations in Uncivil Ahmedabad

This article documents the displacement of Baoris, an adivasi (indigenous) community living in the city of Ahmedabad, India, and their subsequent resettlement along the city's precarious urban–rural frontier. I argue that this process signals the informalization of rights and territories, representing a political regime of governing in the remaking of the contemporary Indian metropolis. Recent actions taken by the Ahmedabad Municipal Corporation to evict Baoris from the inner city are situated within the entangled processes and politics of urban restructuring, liberalization and Hindu nationalism. The absence and erosion of democratic protections, however, has not precluded the possibility of political negotiations with the local agents of state and capital, and this article assesses the tactics that community residents have deployed in their bid to maintain claims to territory, labour and services. I end by tempering enthusiasm for the informalizing city as a site for realizing alternative forms of justice and possible democratization.     

Measuring firms’ imitation activity

Although imitation is more abundant and prevalent than innovation in firms’ product and process development activities, it has been understudied in research on innovation and R&D management. For example, a valid and reliable objective firm-level measure of the intensity of imitation activity is lacking in the extant literature. This measure is necessary to understand the antecedents and consequences of firms’ imitation activity, which has implications for R&D management. In this paper, we present novel methods that employ patent infringement litigations data to improve on the validity and reliability of measuring firms’ imitation activity. We validate our proposed measure by presenting a first model and test of R&D as a multiple-output production function with R&D expenditure as the primary input, and innovation and imitation as joint outputs. This is in contrast to current R&D models as a single-output production function of either innovation or imitation. This study uses a sample of 227 public firms from the computer, semiconductor, and pharmaceutical industries in the United States during 1991–2010.     

Technology Foresight for Wiring Up the National Innovation System: Experiences in Britain, Australia, and New Zealand

Since 1990, technology foresight has spread rapidly. We begin by analyzing the reasons for this before examining the specific political background to technology foresight in the United Kingdom, Australia, and New Zealand. The article analyzes and compares the approaches to foresight in these countries, identifying the strengths and weaknesses of each approach. We then propose a new rationale for technology foresight, which centers on its role in “wiring up” and thereby strengthening the national innovation system, before arriving at a number of conclusions.