Speculative trading preferences of retail investor birth cohorts

This study examines the effect of investor birth cohorts on speculative investment preferences. Using retail trading and portfolio data from Finland over two decades, we find that individuals who have experienced desirable macro-economic and social conditions during adolescence, such as high gross domestic product (GDP) growth and low divorce rates, are more likely to invest in speculative stocks. A positive relation is found between the proportion of speculative-prone cohorts in the stock market and returns of stocks of lottery nature. We provide new evidence on the adverse effect of speculative investments, finding that cohorts with higher speculative investment weights on their portfolios achieve lower absolute and risk-adjusted returns. We also provide support for earlier research that identifies a positive association between recent portfolio performance and the propensity to invest in speculative stocks.     

A Panel CUSUM Test of the Null of Cointegration*

This paper proposes a simple residual‐based panel CUSUM test of the null hypothesis of cointegration. The test has a limiting normal distribution that is free of nuisance parameters, it is robust to heteroskedasticity and it allows for mixtures of cointegrated and spurious alternatives. Our Monte Carlo results suggest that the test has small‐size distortions and reasonable power. In our empirical application to international R&D spillovers, we present evidence suggesting that total factor productivity is heterogeneously cointegrated with foreign and domestic R&D capital stocks.     

Natural Resource Management and Economywide Policies in Costa Rica: A Computable General Equilibrium (CGE) Modeling Approach

A computable general equilibrium (CGE) model is used to tracethe effects of government policies on Costa Rican forests inthe presence of incomplete markets. The results indicate thatcorrecting the market failure would, as expected, reduce deforestation.More interestingly, in the presence of the market failure, loweringthe tax on unskilled labor reduces deforestation because peoplegain employment in other parts of the economy. Taxation of otherproduced goods changes the incentives for deforestation. Forexample, a tax on agricultural products elevates the relativeprice of capital and shifts resources away from the capital-intensiveindustrial sector toward the agricultural and forest sectors;as a result, such a tax increases deforestation.     

Injury rates and risk-factors associated with eventing: a total cohort study of injury events among adult Swedish eventing athletes

The aim of this study was to examine injury events and risk-factors among Swedish adult eventing athletes. A cross-sectional study design with retrospective recording of 1-year sports-specific exposure and injury data was used. The invited study population consisted of all members of the Swedish Equestrian Federation with eventing as their primary discipline (n = 513). The participation rate was 70.0%. The total 1-year injury prevalence was 26.6%; the specific 1-year prevalence of traumatic injury was 19.3% and of overuse injury 10.9%. The incidence of traumatic injury events was 0.54 injury events/1000 eventing hours (95% confidence interval (CI), 0.35-0.73 injury events/1000 eventing hours) for novices and 0.35 injury events/1000 eventing hours for qualified riders (95% CI, 0.21-0.49 injury events/1000 eventing hours). A total of 27.9% of the traumatic injury events led to severe injuries (causing more than 3 weeks absence from riding). Attitude to risk-taking was the only factor predicting an athlete becoming injured (p = 0.023), and qualification level was the only risk factor for additional injuries among injured riders (p = 0.003). Our results suggest that injury prevention programs in eventing should also give attention to overuse injuries and that care should be taken when eventing athletes are licensed into higher qualification groups.     

Testing slope homogeneity in large panels with serial correlation

Pesaran and Yamagata (Pesaran, M.H., Yamagata, T., Testing slope homogeneity in large panels, Journal of Econometrics 142, 50–93, 2008) propose a test for slope homogeneity in large panels, which has become very popular in the literature. However, the test cannot deal with the practically relevant case of heteroskedastic and/serially correlated errors. The present note proposes a generalized test that accommodates both features.     

Trade facilitation and the extensive margin

The literature on trade facilitation has mostly focused on implications for trade volumes. However, recent theoretical contributions have emphasized that trade costs – such as transaction costs related to cross-border trade procedures – affect both the traded volumes of ‘old’ goods (the intensive margin) and the range of traded goods (the extensive margin). This article therefore tests whether trade facilitation affects the extensive margin by counting the number of 8-digit products that are exported from developing to EU countries, and using this as the dependent variable in an estimation. Moreover, it also tests whether the extensive margins in differentiated and homogeneous goods are affected in the same way by transaction costs. Estimation results suggest that if export transaction costs – proxied by the number of days needed to export a good – declined by 1%, the number of exported differentiated and homogeneous products would rise by 0.6% and 0.3%, respectively. Policy simulations further illustrate that if all countries were as efficient at the border as the most efficient country at the same level of development, the number of exported differentiated and homogeneous products would increase by 62% and 26%, respectively.     

Transdisciplinary Study of Sustainable Enterprise

Our research explores more holistic ways of understanding and creating sustainable enterprises. Enterprises and business school scholars are two primary actors in this research endeavor. Enterprises are moving towards sustainability but with a partial and selective understanding of global sustainability. Business school scholars generally study sustainability in their respective functional areas, such as management, accounting, finance and marketing, with some notable exceptions. We suggest that transdisciplinarity offers a unique real‐world problem‐solving framework that crosses disciplinary boundaries and the academic–practitioner divide. We explore the nature of transdisciplinarity and its application to corporate sustainability. We argue that enterprise sustainability requires trans‐functional, trans‐disciplinary, trans‐stakeholder, trans‐aesthetic and trans‐human knowledge that is possible through transdisciplinarity. We provide an example of transdisciplinary work in art and sustainable enterprise. Copyright © 2013 John Wiley & Sons, Ltd and ERP Environment     

A conceptual framework for misfit technology commercialization

The emerging literature on outbound open innovation has highlighted innovation processes, which presuppose active outward technology transfer to increase firm profits. To contribute to this discourse, our paper goes beyond the emphasis on core-related technologies and knowledge that currently dominates the technology management literature and develops the novel concept of misfit technology. This concept captures technologies that are not aligned with a focal firm's current knowledge base and/or business model, but which may still be of great value to the firm if alternative commercialization options are considered. By developing a framework that acknowledges (1) Sources of misfit technology, (2) Environmental uncertainty, (3) Organizational slack, (4) Industry appropriability regime and (5) Technological complexity, we theorize on how different modes of commercialization relate to misfit technology commercialization success. The paper is conceptual and is presented with the purpose to spawn further research on this important topic, but simultaneously touches upon the issues of utmost relevance to R&D management practice.