EVIDENCE OF MANAGERIAL TIMING: THE CASE OF EXCHANGE LISTINGS

Before an exchange listing, stock performance is exceptionally high. Earlier research reports that post-listing performance is poor. I document that the post-listing performance of most firms that list on either the American Stock Exchange or the New York Stock Exchange differs little from that of similar stocks that do not list. However, listing stocks that experience the highest pre-listing performance underperform their control stocks after listing. This finding supports the hypothesis that managers can time exchange listings around a peak in stock performance.     

Strategic entrepreneurship: Creating competitive advantage through streams of innovation

In today's fast-paced competitive environment, firms face the need to be increasingly nimble and adaptive. While often able to establish a certain level of performance based upon existing technologies, firms are equally as often to be left flat-footed in the face of emerging, novel technologies. We discuss strategic entrepreneurship as the means through which firms simultaneously exploit their current competitive advantages while exploring for future opportunities. Achieving a balance between exploration and exploitation consists of more than merely allocating resources evenly between the two processes. As discussed, exploration and exploitation are operationally, structurally, and culturally distinct processes.     

Evading Surveillance and Making Time: an Ethnographic View of the Japanese Factory Floor in Britain

A core element of the debate surrounding Japanese manufacturing transplants is the capacity of management to suppress employee resistance. This paper reports a study based on an eight-week period of participant observation of a particular form of resistance, fiddles. It argues that the opportunity for fiddling stems from the organization's inability to control its buyer–supplier relationships, temperamental technology, and the ability of workers to manipulate standard operating procedures. Moreover, it suggests that fiddles operate mainly with the consent of supervisors, and ultimately are not in conflict with interests of management as they contribute to production targets.     

RECENT GROWTH IN NASDAQ TRADING VOLUME AND ITS RELATION TO MARKET VOLATILITY

We document a significant increase in Nasdaq trading volume relative to New York Stock Exchange (NYSE) and American Stock Exchange (AMEX) trading volumes. Although recent increases in the number of shares traded are reported in the financial press, we also find it present in the percentage of dollar values traded. We then examine correlations between trading volume and several measures of market volatility. Nasdaq volume appears to be more closely correlated with residual variance, while NYSE and AMEX volumes are more closely correlated with overall market variance. We conclude that the type and quantity of information driving trading are different on Nasdaq than on the two exchanges, and that the relative growth in Nasdaq volume cannot be attributed solely to differences in the methods of counting volume in the two market environments.     

The behaviour of relative prices in the European Union: A sectoral analysis

Using multivariate unit root test methods, this paper investigates the Purchasing Power Parity (PPP) hypothesis at the sectoral level across six European countries over the last 17 years. Evidence of mean reversion towards PPP is found for the relative prices of some sectors and countries. Mean reversion in relative prices is explained by cross-country and cross-sectoral characteristics such as the distance between countries, nominal exchange rate volatility, differences in GDP per capita, non-tariff barriers, research and development, advertising, industrial concentration and tradeability of the products.