An Investigation of Transactions Data for NYSE Stocks

Using transactions data, the behavior of returns and characteristics of trades at the micro level is examined. A minute-by-minute market return series is formed and tested for normality and autocorrelation. Evidence of differences in return distributions is found among overnight trades, trades during the first 30 minutes following the market opening, trades at the close, and trades during the remainder of the day. The latter distribution is found to be normal. Unusually high returns and standard deviations of returns are found at the beginning and the end of the trading day. When the beginning-and end-of-the-day effects are omitted, autocorrelation in the market return series is reduced substantially. A number of patterns in trading are reported.     

Textile marketing: a status report

This exploratory study investigated the status of textile marketing in the United States by (a) examining the textile industry's use of effective marketing techniques, and (b) identifying common problems and needed improvements in textile marketing. The procedure followed these steps: (a) effective marketing techniques were identified, (b) interviews were conducted with nine textile executives and four individuals representing the United States textile industry at large, and (c) the respondents' statements about textile marketing practices were analysed for evidence of effective marketing techniques, common textile marketing problems and needed inprovements in textile marketing. The results indicated that only five of the thirteen respondents described textile firms that were using effective marketing techniques, but some textile firms were using effective marketing techniques and this should be an incentive for other textile firms. Several common problems and needed improvements in textile marketing were also identified. Because of the small sample size, the open-ended questions, and the subjective analysis of the respondents' statements, this study must be regarded as exploratory. However, representative statements from the respondents are presented and these statements are informative about textile marketing practices.     

Euro and FIBOR interest rates: A continuous time modelling analysis

The introduction of the Euro in January 1999 and the new reference interest rate EURIBOR® which is widely used as the underlying interest rate for Euro denominated derivative contracts have opened up a new area of research in international financial markets. In this paper we estimate single factor models using daily EURIBOR® and FIBOR interest rate data. We also estimate a model allowing a level-GARCH specification and a two factor model. We find evidence of level-volatility effects in both rates.     

An investigation of long memory in various measures of stock market volatility, using wavelets and aggregate series

Using methods based on wavelets and aggregate series, long memory in the absolute daily returns, squared daily returns, and log squared daily returns of the S&P 500 Index are investigated. First, we estimate the long memory parameter in each series using a method based on the discrete wavelet transform. For each series, the variance method and the absolute value method based on aggregate series are then employed to investigate long memory. Our findings suggest that these methods provide evidence of long memory in the volatility of the S&P 500 Index. Our esteemed colleague, Robert DiSario, passed away on December 31, 2005.     

Motivation in project management: The project manager's perspective

Project motivation is a key aspect to a successful project, yet few studies exist that shed light on this important subject. This article reviews the current literature and theoretical aspects of motivation and provides an analysis of the data. A survey was conducted by soliciting project managers to tell how they perceive their ability to influence motivation. In total, 115 certified project managers responded to the survey. A discussion and suggestions for future research follow the data.     

Performance of French intensive care units: A directional distance function approach at the patient level

By using a novel adaptation of the free-disposable hull analysis of productivity, we assess the medical and technical efficiency of patient care in 25 Parisian intensive care units (ICUs) during 2000. The robust free disposable hull (RFDH) as defined by [Cazals et al., 2002. Nonparametric frontier estimation: a robust approach. Journal of Econometrics 106, 1–25] reduces the impact outliers may have on findings by employing Monte-Carlo techniques and repeated sample selection. Among our key findings, there was no overall significant correlation between medical and technical efficiencies for all the ICUs, therefore performing well in one does not guarantee good performance in the other. We also found that over 80% of inefficiency is concentrated in less than 20% of the sampled patients.     

Understanding attributes affecting meal choice decisions in a bundling context

This study examined attributes that contribute to consumer meal choice decisions within a prix fixe menu. Drawing on typologies of consumer purchase behavior, factors potentially influencing consumers’ meal choice are identified and empirically tested. The results showed that consumers consider value for price as the most important consideration for their meal bundle choices. The results also indicated that familiar and healthy foods also contribute to the selection process. However, consumers tend to avoid the risk of choosing new menu items.