Actual share repurchases,timing and liquidity

Research on the impact of open market share repurchases has been hindered by the lack of data available on actual share repurchases in many countries, including the US. Using a previously unused database containing detailed information on 36,848 repurchases made by 352 French firms, we show that corporate share repurchases have a significant adverse effect on liquidity as measured by bid–ask spread or depth. Our results also indicate that share repurchases largely reflect contrarian trading rather than managerial timing ability.     

Does Shareholder Composition Matter? Evidence from the Market Reaction to Corporate Earnings Announcements

We examine whether institutional ownership composition is related to parameters of the market reaction to negative earnings announcements. When firms report earnings below analysts' expectations, the stock price response is more negative for firms with higher levels of ownership by momentum or aggressive growth investors. There is no evidence, however, that these institutions cause an “overreaction” to earnings news. Ownership structure is also related to trading volume and to stock price volatility on days around earnings announcements. Our findings are consistent with the idea that the composition of institutional shareholders effects stock price behavior around the release of corporate information.     

Changes in foreign operation modes: Stimuli for increases versus reductions

This article explores the reasons leading executives to change foreign operation modes by contrasting mode increases and reductions. Our study is grounded on stimuli identified through in-depth interviews by a former IBR study which we employ through two different measures in the course of analyzing data from 265 German firms on 320 mode changes. The results show that executives recognize a wide range of reasons for mode change, but the importance and magnitude of those stimuli differ for mode increases and reductions. While performance and external environment increase the likelihood of mode reductions, internal environment and managerial attitudes induce mode increases. Moreover, stimuli for incremental and radical mode changes differ as well.     

Tourism employment during economic transition

This study examines labor mobility into tourism employment during economic transition. Working from the proposition that the industry serves as a refuge, it discusses the inward mobility patterns from other economic sectors, assesses the impact of the change, and measures the motivations for taking up such occupations. The study found that workers came from an unusually wide range of industries, which supports the idea of upheaval in the labor market. While there is little indication it is causing widespread personal suffering, evidence for the “refuge” role of tourism was found. Employment in this industry emerges as being attractive and accessible for people with various stock of human capital.     

Cooperation among companies,universities and local government in a Swedish context

The importance of the business context for company's development work has been stressed in previous research and substantial public resources are now being directed towards university–company interaction to generate innovations. However, cooperation between companies, the public sector and universities could be obstructed by differing logics and purposes for action. This paper examines the interaction among these three actor categories to clarify the possible benefits of becoming more actively involved in each other's development work. A case study in a Swedish context showed that the three actor categories entered into each other's domains in new ways, sharing resources and increasing the potential for innovation. We also found that cooperation allowed a fourth actor category, financiers, to be reached, thereby securing additional resources for the innovation activities, creating action space for cooperation, and for a fifth actor category in the form of independent cooperation facilitators.     

Divergent Oil Interests of the First and Third Worlds

EUROPE AND WORLD ENERGY, by Hanns Maull OIL PRICES AND TRADE DEFICITS: US CONFLICTS WITH JAPAN AND WEST GERMANY, by David A. Gisselquist OIL DEBT AND DEVELOPMENT: OPEC IN THE THIRD WORLD, by Paul Hallwood PORTUGAL: REYOLUTIONARY CHANCE IN AN OPEN ECONOMY, by Rodney J. Morrison MONETARY INTEGRATION IN WESTERN EUROPE: EMU, EMS AND BEYOND, by D. C. Kruse ECONOMIC GROWTH AND EMPLOYMENT IN CHINA, by Thomas G. Rawski THE FADING OF THE MAOIST VISION: CITY AND COUNTRY IN CHINA'sDEVELOPMENT, by Rhoads Murphey EQUALITY, THE THIRD WORLD AND ECONOMIC DELUSION, by P. T. Bauer THE POLITICAL AND ECONOMIC DEVELOPMENT OF MODERN TURKEY, by William Hale DISASTER ASSISTANCE: APPRAISAL, REFORM AND NEW APPROACHES, edited by Lynn Stephens and Stephen J. Green BRITISH INDUSTRY AND THE NORTH SEA: STATE INTERVENTION IN A DEVELOPING INDUSTRIAL SECTOR, by Michael Jenkin and Stuart Sinclair     

App Users Unwittingly in the Spotlight: A Model of Privacy Protection in Mobile Apps

Mobile apps are increasingly jeopardizing app users' online privacy by collecting, storing, and sharing personal data disclosed via apps. However, little is known about mobile app users' current privacy protection behavior and the factors that motivate it. Drawing on Roger's Protection Motivation Theory (PMT), this study develops and tests the App Privacy Protection Model among 1,593 Western European app users. The results demonstrate that, on the one hand, increased levels of perceived self‐efficacy, vulnerability, and privacy concern enhance mobile app users' motivation to engage in risk‐reducing behavior, while on the other hand, higher levels of knowledge of the data collection practices of mobile apps, app attitude, and perceived response costs diminish it. Being the first study that applies PMT in the mobile app context, this study offers several important implications regarding privacy protection in mobile apps.     

Insight into everyday media use with multiple screens

ABSTRACT

Multiscreening has been shown to affect consumers' brand attitudes and their memory of advertisements. However, little is known about the prevalence of using multiple screens simultaneously. The aim of this study is to provide insight into multiscreening by examining its prevalence, the composition of screens, and who is likely to multiscreen. A diary study with a representative sample of the Dutch population (n = 2,399) was conducted. First, the results showed that almost 60% of the participants multiscreened at least once. They multiscreened on average three days a week, mostly on Sundays, and on average more than 80 minutes per day. Second, the most prevalent screen combinations were TV-smartphone, TV-laptop, and TV-tablet. Third, multiscreeners were on average 41 years old, predominantly female, have a higher than average education, and own on average more than four screens. Finally, it was found that, in general, younger participants multiscreened longer than older participants.