Earnings Announcement Lags and Market Responses—Does the Tone of the News and the Market Sentiment Matter?

We investigate earnings announcement lags (period from the end of the reporting period until the announcement date) for the good and the bad quarterly earnings news across different market sentiment periods as well as market reactions thereto. Companies listed on Baltic stock exchanges exhibit clear signs of strategic timing of earnings announcements. Earnings announcement lags for the bad news tend to be longer than those for the good news. This difference is more pronounced during low market sentiment periods. If the release of the bad news is postponed, abnormal return responses remain lower, as expected.     

Unravelling the JPMorgan spoofing case using particle physics visualization methods

On 29 September 2020, JPMorgan was ordered to pay a settlement of $920.2 million for spoofing the metals and Treasury futures markets from 2008 to 2016. We examine these cases using a visualization method developed in particle physics (CERN) and the messages that the exchange receives about market activity rather than time-based snapshots. This approach allows to examine multiple indicators related to market manipulation and complement existing research methods, thereby enhancing the identification and understanding of, as well as the motivation for, market manipulation. In the JPMorgan cases, we offer an alternative motivation for spoofing than moving the price.     

Alternatives to Resistance? Comparing Depoliticization in Two British Environmental Movement Scenes

Processes of politicization and depoliticization are increasingly studied in relation to urban contexts, and cities have been depicted as incubators of social movements. What has been largely ignored is why, in some cities, forces of politicization or depoliticization are stronger than in others. To address this question, this article compares two British cities—Manchester and Bristol—which have historically been central hubs of environmental resistance, but currently face similar depoliticizing forces: austerity, anti-squatting laws, police repression and activists’ disillusion with environmentalism. Curiously, these conditions have had very different impacts on the two environmental scenes. In Manchester they have caused environmental resistance to become replaced almost entirely by non-confrontational ‘alternatives’. In Bristol alternatives have emerged that tend to be in synergy with environmental resistance. The comparison thus suggests that Bristol is more conducive to maintaining environmental resistance under depoliticizing conditions. Findings suggest that differences can be attributed to features of the physical urban environment, including city size. Historically, these differences were not decisive. Yet, after a period of dwindling environmentalist energy in the UK, the number of environmentalist hubs has been reduced. This has prompted a reputational snowball that increasingly concentrates environmental resistance in the one city that best insulates the environmental movement from broader depoliticizing forces.     

Restoring Trust Through the Co-Production of Public Services: A theoretical elaboration

Abstract

Co-production, the involvement of clients in the delivery of public services, is believed to foster trust. However, there is insufficient research on this topic to prove what is at present merely an assumption. This article gives theoretical insights into this relationship. First, it is identified that co-production relates to identification-based trust. Second, the most important theoretical mechanisms are identified that link the two concepts: increasing self-efficacy and the creation of trust networks. A third step is to move towards a more contingent perspective. This involves not only favourable conditions, but also obstructions to trust-building, such as crowding-out motivations and free-riding.     

Transport Infrastructure and Industrial Location: The Case of Thailand

This paper addresses the impact of transport infrastructure projects of manufacturing employment in Thai regions. After a theoretical review we consider the impact of various transport modes: road, rail and ports. We find that roads and ports have a positive impact on industrial location, although the size of the impact is modest. Labor appears to be a more important location factor in Thailand. For the analysis of the data, geographical information systems (GIS) appear to be a quite useful tool.