Market reactions to the closest peer firm’s analyst revisions

Prior analyst literature focuses on the impact of financial analysts on the firms they cover, and prior information-transfer literature concentrates on the externalities of information provided by management. This paper fills gaps in both streams of literature by examining the focal firm’s market reactions to the closest peer firm’s (identified by product similarity) analyst revisions. We find that the focal firm’s stock price reacts to the closest peer’s analyst revisions made by analysts who are not covering the focal firm. The focal firm’s cumulative abnormal return for a five-day window centered on the revision date is 0.54% higher if the peer firm’s analyst revision magnitude is in the top decile than if it is in the bottom decile. Cross-sectional tests show that the sensitivity of the focal firm’s market reactions to the peer firm’s revisions increases with the revision informativeness and the similarity between the focal firm and the peer firm. In addition, we find that focal firms do not react to peer firms’ revisions in industries with strong competition where the competitive effects cancel out the spillover effects. Finally, we find that the focal firm’s market reactions can predict its own future analyst revisions, suggesting that the reactions are at least partially rational.     

Demographic Dissimilarity and Workplace Inclusion

This study examined the relationship between individual demographic dissimilarity from co-workers and three indicators of inclusion by an organization: decision-making influence, access to sensitive information, and job security. Data from 345 individuals in eight work units showed that individual dissimilarity in race and gender were negatively associated with inclusion, and the effect of race dissimilarity was more pronounced for whites than for non-whites. In contrast, individual dissimilarity in tenure and education level were positively associated with inclusion, and these effects were more pronounced for those with greater tenure and greater education, respectively. Overall, the results suggest that whether being different hinders or helps organizational inclusion may depend on whether that difference is visible and whether it reflects job expertise. Further, they suggest that, when being different is a hindrance, it may be hardest on those who have traditionally been the majority in organizations.     

Agriculture and economic development in the Caribbean

This article examines the role of agriculture in the economic development of the more developed Caribbean countries — Barbados, Guyana, Jamaica, and Trinidad and Tobago. The agricultural sector's contribution to the economy has declined in the past two decades. As a result, the agricultural sector has not generated sufficient employment or foreign exchange earnings. This has meant that the industrial sector has not been able to sustain development.     

Paying the piper: choice and constraint in changing HR functional roles

HR directors are often exhorted to play a more ‘strategic’ role in their organisations. However, it is not necessarily clear what is meant by this, or whether it is possible for departments to change their role at a whim. In this article we examine the changing role of the HR function within two contrasting organisations – an NHS trust and a bank – over a period of seven years. Drawing on role‐set theory and concepts of negotiated order, we illustrate how HR functional roles are located within a complex and dynamic social setting, and present a model that seeks to map these interrelationships.     

Design matrix analysis

Analysts of social mobility are coming round to the view that it is not enough to find a model that fits the data; it is at least as important to know which bits of the model fit the data, and which are unimportant. The need for this type ofstructuring becomes even more pressing when we seek to determine the dimensions along which societies differ. This paper carries the process of structuring a stage further by proposing an orthogonal decomposition of a mobility model in which each dimension (degree of freedom) can be given a distinct sociological interpretation. In the following paper orthogonal rotation is deployed to uncover the latent dimensions of a mobility table. Relations among different models are established. The paper closes with a response to criticisms published by Sobel (1983).     

Urban population growth and urbanization in the Caribbean

The structure, sources, consequences, and policy implications of urbanization and of the rapid growth of the urban population in the Caribbean are examined. In particular, a comparative analysis of the situation in Barbados, Guyana, Jamaica, and Trinidad and Tobago is presented. Data are from a variety of secondary sources, including those published by the United Nations and the World Bank. The need to reorient policies to favor rural rather than urban areas in order to reduce rural-urban migration is noted.