The winner–loser effect in Japanese stock returns

This study examines the winner–loser effect using stocks listed on the Tokyo Stock Exchange (TSE) from 1975 to 1997. We uncover significant return reversals dominating the Japanese markets, especially over shorter periods such as 1 month. No momentum effect is observed, however. The 1-month return reversal remains significant even after adjusting for firm characteristics or risk. While the 1-month return reversal is not related to industry classification, it is partially a result of higher future returns to loser stocks with low trading volume. Our results show that investor overreaction may be a possible explanation for the 1-month return reversal in Japan.     

Contributing for Myself,but Free riding for My Group?

Many real‐world decisions are made by individuals as representatives of groups. Most research, however, studies either individuals or groups as decision‐makers. This paper explores whether there is a general difference between a decision made as an individual and as a representative of a group in the context of a public good game. We conducted a series of experiments to test this question and to understand mechanisms contributing to potential differences. We found that representatives contributed less than individuals when they could not communicate with their constituency. However, when they could discuss their strategy before playing, they contributed at least as much as individual decision‐makers. Furthermore, when they could justify their decision after playing, they contributed even more than individual decision‐makers. We discuss potential reasons for this and directions for future research.     

第36届世界标准日祝词标准使世界更高业

我们都希望生活在一个更安全、更安定的世界里，然而。地震、飓风、江水、交通事故、传染病和工业事故，除了给人类带来物质损失以外，每年还导致成千上万的人员伤亡。为了应对这些威胁，国际标准提供了广为认可的解决方案，     

A fair go? The gender pay gap among corporate executives in Australian firms

In virtually all economies, executive positions are highly male dominated. This study examines the pay gap between male executives and female executives in large Australian firms from 2011 to 2014 to evaluate whether female executives are paid equitably compared with male executives. The mean pay comparison shows that female executives earn 80.7% of the total pay earned by male executives. A large part of the gender pay gap is explained by differences in positions held; female executives are particularly underrepresented in highly paid executive positions. After controlling for executive position and other relevant individual and firm characteristics, there remains a 15.1% gender gap in total pay. Our findings suggest that to achieve the goal of gender equity, both the proportion of women at executive level and the executive-level gender pay gap need to be monitored.     

一个标谁一次检验全球接受

标准与检验携手并进,缺一不可,已成为推动全球大市场发展的重要力量.标准为产品、服务、相关体系、生产过程及相关材料等提供了相应的技术规范和质量要求.检验则是验证这些标准是否可靠地得到实现.一旦标准在国际上得到广泛的认可,它就成为相关产品或服务的国际市场的发展依据,这就表明这个市场建立在可靠的质量基础之上,有较高的消费者信任度.     

The role of capital accumulation in the industrialization of a labor surplus economy: A formulation of the Fei–Ranis model

The process of the reallocation of labor from agriculture to industry, outlined by Fei and Ranis, is examined by formulating a disequilibrium adjustment model of a dual economy. The main result of the analysis shows that capital accumulation and technological progress in industry can play a role in extracting labor from agriculture, dependent on whether or not the price elasticity of the demand for food is zero. This result is interpreted as whether capital accumulation and technological progress in industry contribute to the creation of a growing agricultural surplus, which Jorgenson advocated as the condition for economic development.     

Work and family practices in Japanese firms: their scope,nature and impact on employee turnover

Using firm-level data from Japan, this study examines the effects of four commonly used work and family practices on employee turnover: flextime, maternity leave, child care leave, and nursing care leave. Overall, we find statistically significant associations between work and family practices and female employee turnover in Japan. In stark contrast, we do not find such a statistically significant linkage between work and family practices and male employee turnover. As such, this study highlights the potential moderating effect of individual characteristics such as gender on the relationship between work and family practices and employee attitudes and behaviours.     

Stable market structures from merger activities in mixed oligopoly with asymmetric costs

This paper examines endogenous merger formations in a mixed oligopoly. Applying the core as a solution concept, we analyze which market structure(s) remain(s) stable when three firms—two symmetric private firms and one inefficient public firm—are allowed to merge with each other in a mixed Cournot industry. We show that according to the value of the marginal cost of the public firm, there always exists a pair of share ratios of the owners of both the (pre-merged) public firm and the (pre-merged) private firm such that the market structure with the merger between the public firm and one private firm belongs to the core. When the initial market structure is a mixed triopoly, it can only be blocked when one public firm and one private firm merge. Furthermore, we conduct a similar analysis in a general mixed oligopoly with one public firm and n private firms.      

Dynamics,stability, and foresight in the Shapley–Scarf housing market

While most of the literature starting with Shapley and Scarf (1974) have considered a static exchange economy with indivisibilities, this paper studies the dynamics of such an economy. We find that both the dynamics generated by competitive equilibrium and the one generated by the weak dominance relation, converge to a set of allocations we define as strictly stable, which we can show to exist. Moreover, we show that even when only pairwise exchanges between two traders are allowed, the strictly stable allocations are attained eventually if traders are sufficiently farsighted.     

Creating incentives for innovation? The relationship between pay dispersion in R&D groups and firm innovation performance

Innovation is a critical organizational outcome for its potential to generate competitive advantage. While the contribution of knowledge workers to the generation of innovation is widely recognized, little is known about how organizational incentive mechanisms stimulate or inhibit these workers' behaviors that promote innovation. This study examines the relationship between pay dispersion in R&D groups and firm innovation using employee‐level compensation data in US high‐technology firms. The results show that (1) pay dispersion in R&D groups is negatively related to firm innovation and (2) this negative relationship is alleviated in firms with greater financial slack. This study contributes to the innovation literature by illuminating the implications of organizational incentive systems for successful innovation. Copyright © 2013 John Wiley & Sons, Ltd.