The role of shorting,firm size,and time on market anomalies

We examine the role of shorting, firm size, and time on the profitability of size, value, and momentum strategies. We find that long positions make up almost all of size, 60% of value, and half of momentum profits. Shorting becomes less important for momentum and more important for value as firm size decreases. The value premium decreases with firm size and is weak among the largest stocks. Momentum profits, however, exhibit no reliable relation with size. These effects are robust over 86 years of US equity data and almost 40 years of data across four international equity markets and five asset classes. Variation over time and across markets of these effects is consistent with random chance. We find little evidence that size, value, and momentum returns are significantly affected by changes in trading costs or institutional and hedge fund ownership over time.     

PanelWhiz and the Australian Longitudinal Data Infrastructure in Economics

PanelWhiz is a graphical user interface that was written for the statistical software, Stata SE/MP Version 11 (Win/Mac/Linux) or later, which allows users to extract data from complicated multi‐level longitudinal datasets in an easy and efficient manner. Specifically, Australian datasets, such as Household, Income and Labour Dynamics in Australia Survey, Medicine in Australia: Balancing Employment and Life, Growing Up in Australia: The Longitudinal Study of Australian Children, Footprints in Time—The Longitudinal Study of Indigenous Children and Consumer Attitudes, Sentiments & Expectations in Australia, have already been integrated into the common platform of the PanelWhiz system.     

Characteristics of a Logistics-Based Business Model

In companies where excellence in logistics is decisive for the outperformance of competitors and logistics has an outspoken role for the strategy of the firm, there is present what we refer to here as a “logistics-based business model.” Based on a multiple case study of three Nordic retail companies, the purpose of this article is to explore the characteristics of such a logistics-based business model. As such, this research helps to provide structure to logistics-based business models and identifies a way forward for companies for whom logistics and distribution are a major concern for the overall strategy of the firm.     

Demographischer Wandel und dessen Auswirkungen auf den Energieverbrauch in Hamburg und Mecklenburg-Vorpommern

This study estimates the impact of demographic change on energy use in two German regions, Hamburg and Mecklenburg-Western Pomerania. Data from the EVS household survey are used to identify demographic characteristics and age-specific consumption patterns in the two regions. They are used in combination with regional household projections to construct consumption expenditure forecasts, which are then entered as demand impulses into regional input-out-put models to calculate sectoral production effects and energy use. The analysis shows that the impact of demographic change on energy use differs considerably between the two regions. Therefore, studies conducted at the national level may miss important effects, making it necessary to conduct more studies at the regional level.     

Markenkommunikation 2.0 — Konsumenten formen Markenbotschaften

Zusammenfassung  Hoch involvierte Konsumenten agieren zunehmend als Sender von Markenbotschaften. Sie m?chten an markenpolitischen Fragestellungen partizipieren. Aus diesem Wunsch resultieren durch die ausgepr?gte soziale Vernetzung und die Entkopplung der Kommunikation neue Herausforderungen für die Kommunikationspolitik. Denn die konsumenteninitiierte Kommunikation birgt durchaus Gefahren, die vom Unternehmen rechtzeitig gemanagt werden sollten. Die Chance, von der Meinung ihrer Konsumenten zu profitieren, nutzen bislang noch zu wenige Unternehmen. Prof. Dr. Tobias Langner Inhaber des Lehrstuhls für Betriebswirtschaftslehre, insbesondere Marketing, an der Bergischen Universit?t Wuppertal sowie wissenschaftlicher Direktor des Instituts für Marken- und Kommunikationsforschung, Bergische Universit?t Wuppertal Dipl.-Kfm. Alexander Fischer Wissenschaftlicher Mitarbeiter am Lehrstuhl für Betriebswirtschaftslehre, insbesondere Marketing, an der Bergischen Universit?t Wuppertal     

Reciprocity and voting

In this paper we present a two-period model where a left-wing and a right-wing political party are solely interested in the policies they pursue. We assume that voters display reciprocal behavior. By contrast, political parties are not motivated by reciprocity. We show that reciprocity may have dramatic consequences for models of voting behavior. The incentive to be kind to the median voter may ensure that a position closer to the median voter's position is adopted even if political parties are not directly interested in being elected and cannot commit to a political stance during an election campaign. Moreover, reciprocity increases incumbency advantages.     

The impact of demographic change on energy use and greenhouse gas emissions in Germany

This paper estimates the impact of demographic change on energy use and greenhouse gas emissions in Germany. Since old people display different consumption patterns than young people, an increase in the proportion of old people affects overall consumption patterns. Micro data from a household survey are used to identify age-specific consumption patterns and to project the impact of demographic change on the structure of total consumption expenditure up to the year 2030. The resulting final demand vectors are entered into an environmental input-output model, which allows the calculation of sectoral production, energy use and greenhouse gas emissions. The model results suggest that until 2030, demographic change raises the share of methane in total greenhouse gas emissions and does not contribute to reducing energy use and greenhouse gas emissions in Germany. The model is also used to explore the effects of redistributing income between age groups and a policy-induced switch from motor vehicle use to public transport.     

Task Conflict,Narcissism and Entrepreneurial Capability in Teams Planning a Business: A Moderated Moderation Approach to Explaining Business Planning Performance

Drawing on the dynamic self‐regulatory processing model of narcissism, we hypothesize that in teams planning a business, task conflict relates positively to business planning performance and that this link is reinforced by the team's narcissism. By integrating aspects of human capital theory, this brighter side of narcissism is amplified where the narcissism is aligned with entrepreneurial capability and the team members' belief in their entrepreneurial capability. The findings of the moderated moderation analysis examining 66 teams of entrepreneurship students support the study's assumptions and provide meaningful implications for social psychology and personality researchers in entrepreneurship.     

The need for services and technologies in physical fast fashion stores: Generation Y’s opinion

ABSTRACT

This study answers the question of in which services and technologies should fast fashion retailers with physical stores invest. Fifteen improvement options were identified through a literature review, corporate practice and expert interviews. Then, a sample of 255 members of Generation Y evaluated and classified these options as attractive, indifferent, must-be, one-dimensional, or reverse according to Kano’s approach using the segmented Kano perspective. Results show that Generation Y generally values service improvements (e.g. with respect to salesperson friendliness and competence) higher than technology improvements. However, this evaluation differs among customer segments: whereas quality-conscious fast fashion shoppers are mainly indifferent to technology improvements, other customer segments rate ‘3D Bodyscan’, ‘Barcode App’, ‘Click&Collect’, ‘iDressroom’, ‘iTerminal’, ‘Loc Aware App’, or ‘Self-Checkout’ as highly attractive.     

New firm survival: the interdependence between regional externalities and innovativeness

Small Business Economics - Many studies have shown that regional externalities play a crucial role for the survival prospects of newly founded companies. However, recent research provides evidence...