Mixing process-generated data in market sociology

Mixed methods researchers often neglect the methodological discussion on data in general and process-generated data specifically. Assuming that the advantages and disadvantages of surveys, interviews and observations are well-known, the author discusses when and why researchers should prefer process-generated data to research-elicited data in market sociology. The author then compares four different types of process-generated data (aggregated statistical data, business directories, newspaper articles, engineering literature). For each data type, the author (a) describes the data type, (b) illustrates what kind of information researchers can gain from this data type and (c) discusses the draw-backs and limits of the data. The article concludes with a discussion of what one can learn for mixing methods and market sociology from this example and why primary data might be useful as an alternative data source after all.     

The optimal trade-off between interest rate risk and annual return of bond ladders

Bond laddering is a popular fixed-income investment strategy. The main purpose of this paper is to develop a methodology for determining private investors’ most interest rate risk (IRR)-return-efficient investment horizon for bond ladders (BLs), which are virtually free of credit risk. Two IRR measures of a continuously rolling and homogenous BL (CRHBL) are analytically derived under the assumption that interest rates are martingales. The first measure is the modified duration, which assumes a flat term structure of interest rates. However, this assumption is not fully supported by the empirical data and, thus, an additional IRR measure is proposed. Under each of these two measures, the ratios between the annual return in excess of the demand deposit rate and IRR of CRHBLs with different investment horizons are calculated. As expected, CRHBLs with rather low IRR are most risk-return-efficient. The results for the theoretical CRHBLs also apply to “real-world” discrete BLs. Thus, the proposed methodology can help private investors construct IRR-return-efficient discrete BLs.     

Are directors’ dealings informative? Evidence from European stock markets

Are directors’ dealings reports informative for outside investors? We analyze short-term announcement effects for 2782 companies from eight European countries between January 2003 and December 2009. We find significant announcement effects in four out of eight countries after directors’ dealings reports have been disclosed. For most countries, the magnitude of the announcement effect depends on transaction size, firm size, book-to-market ratio, and multiple trades by different insiders on the same trading day. The results are stronger for purchases than for sales. For France, Ireland, and Sweden, we find tentative evidence that the corporate position of an insider is connected to the size of the announcement effect.     

Dependence of the Russian defense industry on oil prices: Conversion

The article analyzes the impact of the collapse of world oil prices on the reduction of defense budget, production of weapons, innovative and personnel potential of the defense industry, and on country’s defense capability. Some proposals for the concept of structural changes in the defense industry have been formulated based on experience converting the defense industries in the Soviet Union, the United States, China, and France.     

Nanotechnology and the new technological revolution: Expectations and reality

This paper reviews the existing mechanisms of innovative development in the world economy focusing on emerging technologies markets evolution on the example of nanotechnology. The question has been raised of whether nanotechnologies can provide the core of the new technological revolution, and whether these prospects exist for NBIC convergence. In this connection the development of the global market for nano-enabled products following the 2007–2009 crisis and the reliability of the related development forecasts have been assessed. Particular attention has been paid to peculiarities of nanoenabled product market structure and the impact of stagnating R&D costs in the field of nanotechnology.