The Weekend and 'Reverse' Weekend Effects: An Analysis by Month of the Year, Week of the Month, and Industry

In this paper, we examine whether the 'reverse' weekend effect recently documented by Brusa, Liu and Schulman (2000) is concentrated in a few industries or widely spread across all the industries. The findings in this paper indicate that the 'reverse' weekend effect exists not only in broad indices, but also in most industries . The results suggest that the 'reverse' weekend effect may be driven by economic events that affect all industries, rather than industry‐specific factors . Although the patterns of Monday returns are similar between broad indices and industry indices, they are different between the pre ‐ and the post ‐1988 periods. Monday returns tend to be negative in the pre ‐1988 period, but tend to be positive in the post ‐1988 period, for both broad market indices and industry indices. These conclusions are valid even after considering the influence of the month‐of‐the‐year and the week‐of‐the‐month effects.     

Another look at long memory in common stock returns

We apply the modified rescaled range test to the return series of 1,952 common stocks. The results indicate that long memory is not a widespread characteristic of these stocks. But logit models of the event of a test rejection reveal that rejections are linked to firms with large risk-adjusted average returns. The maximal moment of a return distribution is also found to influence the event of a rejection, but not in a way suggestive of moment-condition failure. Evidence suggestive of survivorship bias is also uncovered. We conclude that there is some evidence consistent with persistent long memory in the returns of a small proportion of stocks.     

Healthcare costs of stroke and major bleeding in patients with atrial fibrillation treated with non-vitamin K antagonist oral anticoagulants

Objective: To assess long-term healthcare costs related to ischemic stroke and systemic embolism (stroke/SE) and major bleeding (MB) events in patients with non-valvular atrial fibrillation (NVAF) treated with non-vitamin K antagonist oral anticoagulants (NOACs).

Materials and methods: Optum’s Clinformatics Data Mart database from 1/2009–12/2016 was analyzed. Adult patients with ≥1 stroke/SE hospitalization (index date) were matched 1:1 to patients without stroke/SE (random index date), based on propensity scores. Patients with an MB event were matched to patients without MB. All patients had an NOAC dispensing overlapping index date, ≥12?months of eligibility pre-index date, and ≥1 NVAF diagnosis. The observation period spanned from the index date until the earliest date of death, switch to warfarin, end of insurance coverage, or end of data availability. Mean costs were evaluated: (1) per-patient-per-year (PPPY) and (2) at 1, 2, 3, and 4?years using Lin's method.

Results: The cost differences were, respectively, $48,807 and $28,298 PPPY for NOAC users with stroke/SE (n?=?1,340) and those with MB (n?=?3,774) events compared to controls. Cost differences of patients with vs without stroke/SE were $49,876, $51,627, $57,822, and $60,691 at 1, 2, 3, and 4?years post-index, respectively (p?p?Limitations: Limitations include unobserved confounders, coding and/or billing inaccuracies, limited sample sizes over longer follow-up, and the under-reporting of mortality for deaths occurring after 2011.

Conclusions: The incremental healthcare costs incurred by patients with vs without stroke/SE was nearly twice as high as those of patients with vs without MB. Moreover, each additional year up to 4?years after the first event was associated with an incremental cost for patients with a stroke/SE or MB event compared to those without an event.     

Demand for,and impediments to,the disclosure of information about climate change-related corporate governance practices

Based on a survey of climate change experts in different stakeholder groups and interviews with corporate climate change managers, this study provides insights into the gap between what information stakeholders expect, and what Australian corporations disclose. This paper focuses on annual reports and sustainability reports with specific reference to the disclosure of climate change-related corporate governance practices. The findings culminate in the refinement of a best practice index for the disclosure of climate change-related corporate governance practises. Interview results indicate that the low levels of disclosures made by Australian companies may be due to a number of factors. A lack of proactive stakeholder engagement and an apparent preoccupation with financial performance and advancing shareholders interest, coupled with a failure by managers to accept accountability, seems to go a long way to explaining low levels of disclosure.     

Global Warming Disclosures: Impact of Kyoto Protocol Across Countries

The Kyoto Protocol that went into effect in February 2005 set limits on the amount of greenhouse gas (GHG) emissions. We document in this study that firms from countries ratifying the Protocol and setting limits on GHG emissions (i.e., European Union [EU] countries, Canada and Japan) are associated with higher GHG disclosures compared with firms in the United States, which has not ratified the Protocol. Additionally, we document that firms from India, which has not set any limits on GHG emissions, make even less GHG disclosures than firms from all other countries covered in this study. Our findings also show that GHG disclosures are greater for Canadian and Japanese firms compared with firms from the EU countries and that they also differ somewhat across EU firms. These findings suggest that ratification of the Protocol and limits on emissions improve pollution disclosures. In the absence of Protocol ratification, mandatory disclosure requirements may be needed to ensure adequate and reliable pollution disclosures.     

Managerial Commitment to Sustainable Supply Chain Management Projects

Most companies are under pressure to improve the environmental sustainability of their supply chains. However, there is considerable variance in companies' ability to successfully deploy environmental management projects. One important factor, according to articles in the academic and business press, is the ability of champions of sustainable supply chain management (SCM) projects within organizations to gain the commitment of colleagues (e.g., other managers from a variety of functions) to help these projects succeed. Therefore, this paper examines variables that affect a project champion's ability to gain this commitment from colleagues. In particular, building on existing research, this research employs a video‐based experimental design to examine the effect of the influence approach that the project champion employs, the values of the person the champion is trying to influence, and the organizational climate. The results suggest that organizational climate and certain individual values directly affect commitment. There are also interactions between values and influence tactics. The research adds to the field's growing knowledge on the antecedents of sustainable SCM within companies while providing valuable guidance for environmental champions and for top managers.     

Differences in managerial discretion across countries: how nation‐level institutions affect the degree to which ceos matter

The concept of managerial discretion provides a theoretical fulcrum for resolving the debate about whether chief executive officers (CEOs) have much influence over company outcomes. In this paper, we operationalize and further develop the construct of managerial discretion at the national level. In an empirical examination of 15 countries, we find that certain informal and formal national institutions—individualism, tolerance of uncertainty, cultural looseness, dispersed firm ownership, a common‐law legal origin, and employer flexibility—are associated with the degree of managerial discretion available to CEOs of public firms in a country. In turn, we show that country‐level managerial discretion is associated with how much impact CEOs have on the performance of their firms. We also find that discretion mediates the relationship between national institutions and CEO effects on firm performance. Finally, we discuss two inductively derived institutional themes: autonomy orientation and risk orientation. Copyright © 2011 John Wiley & Sons, Ltd.     

Attitudes and willingness to donate towards heritage restoration: an exploratory study about Bulgarian socialist monuments

In this exploratory study, an attempt was made to clarify the role of the visitors' perception of the socialist era in relation to their (1) perception of socialist monuments' maintenance level, (2) willingness to visit socialist monuments, (3) willingness to present socialist monuments for tourism purposes, (4) willingness to pay towards a visit to a socialist-era monument, and (5) willingness to donate towards socialist-era sites' restoration. Based on a quantitative study with 236 Bulgarians at Buzludzha peak, the findings suggest that the perception of the socialist era is relevant to the understanding of the individual's willingness to visit socialist monuments, presenting them to international and local visitors, the evaluation of their maintenance level, and the willingness to support their restoration. The findings' theoretical and practical contributions are discussed, highlighting the importance of the individuals' perception of a heritage site when revealing their attitudes towards its restoration.     

Natural Environment,Market Orientation,and Firm Innovativeness: An Organizational Life Cycle Perspective

Drawing upon the corporate social responsibility literature, we investigate the moderating effects of the natural environment and the stage of an organization's life cycle on the market orientation to firm innovativeness relationship. Through 229 owners or chief executive officer respondents, our results establish evidence of (1) a positive linkage between market orientation and firm innovativeness; (2) natural environmental policy positively moderating the market orientation to firm innovativeness relationship; and (3) organizational life cycle negatively moderating market orientation to innovativeness. Our findings suggest ventures characterized as being early in the organizational life cycle are more likely to have a positive environmental policy toward the natural environment leading to a competitive advantage through firm innovativeness.