The Quiet Period Goes out with a Bang

We examine the expiration of the IPO quiet period, which occurs after the 25^th calendar day following the offering. For IPOs during 1996 to 2000, we find that analyst coverage is initiated immediately for 76 percent of these firms, almost always with a favorable rating. Initiated firms experience a five-day abnormal return of 4.1 percent versus 0.1 percent for firms with no coverage. The abnormal returns are concentrated in the days just before the quiet period expires. Abnormal returns are much larger when coverage is initiated by multiple analysts. It does not matter whether a recommendation comes from the lead underwriter or not.     

A conceptual framework of impression management: new insights from psychology,sociology and critical perspectives

In this paper we develop a conceptual framework, based on the concepts of rationality and motivation, which uses theories and empirical research from psychology/behavioural finance, sociology and critical accounting to systematise, advance and challenge research on impression management. The paper focuses on research that departs from economic concepts of impression management as opportunistic managerial discretionary disclosure behaviour resulting in reporting bias or ‘cheap talk’. Using alternative rationality assumptions, such as bounded rationality, irrationality, substantive rationality and the notion of rationality as a social construct, we conceptualise impression management in alternative ways as (1) self-serving bias, (2) symbolic management and (3) accounting rhetoric. This contributes to an enhanced understanding of impression management in a corporate reporting context.     

Modifying Conjoint Methods to Model Managers' Reactions to Business Environmental Trends: An Application to Modeling Retailer Reactions to Sales Trends

This article proposes and demonstrates how conjoint methods can be adapted to allow the modeling of managerial reactions to various changes in economic and competitive environments and their effects on observed sales levels. Because in general micro-level data on strategic decision making over time are difficult and expensive to obtain, this approach can be of much value to the further study of managerial strategic behavior and market dynamics. In our application we model retailer reactions to changes in their sales, focusing in particular on the actions that affect the demand for retail space and possibilities to improve retail sites. Choice responses to hypothetical sales and environmental trend scenarios are collected from 183 retailers and used to estimate to logit regression model that predicts retailers' probabilities of choosing actions. The model results confirm that retailers are more likely to take action when sales go down than when they go up, and also that they react more quickly if sales go down. It is also found that retailers are more reluctant to change the positioning of their store when confronted with a sales increase than when confronted with a sales decrease. The model is compared with a non-experimental model that is based on retailers' reactions to the trends they report to have observed for their own stores. The article concludes with a discussion of the implications of this research for the further development of conjoint-like approaches to studying entrepreneurial behavior.     

Ireland's innovative governmental policies promoting internationalisation

The importance of innovation is reflected in the policy strategies that have been adopted by countries that have gained competitive advantage over the last two decades. In today's competitive global economy, Ireland has been acknowledged for its governmental policies and policy dynamics that have created a competitive market site for FDI. These policies have been based on continual policy innovation. The purpose of this paper is to analyse the governmental policies and policy dynamics within the Irish context of internationalisation. From this analysis a model of government influence on FDI in Ireland is developed. The main conclusions are that the success of the Irish model of internationalisation can be attributed to its innovative character. If Ireland's success is to extend into the future, it will have to continue to pursue innovation in the approach it adopts to internationalisation.     

Family Members' Projections of Each Other's Preference and Influence: A Two-Stage Conjoint Approach

Two important sources of error that may limit the accuracy of individual family members' projections of joint family preferences are: (i) misperceptions of other members' preferences, and (ii) misperceptions of other members' influence in joint family evaluations. We propose a two-stage conjoint approach to study these potential errors. Stage one compares family members' projections of each other's preferences to members' self-reported preferences. Stage two compares family members' projections of each other's influence to observed influence in joint family preferences. An empirical illustration shows that family members are relatively poor predictors of preference, but fairly accurate predictors of influence, in the area of family holiday preferences.     

Community agency and sustainable tourism development: the case of La Fortuna,Costa Rica

Previous sustainable tourism research has called for the promotion of community-based tourism as a means of achieving sustainable development goals. Such community-based development has been noted as essential for sustainable practices because of its capacity to benefit local populations while reducing tourism's negative consequences. Nonetheless, some researchers have warned that community-based tourism, by itself, does not necessarily lead to sustainable practices. This study examines local social interactional elements necessary for the achievement of sustainable tourism practices. Such practices are attainable when certain attitudinal, organizational and/or behavioral conditions are present within a community. Using a case study methodology, this article examines the interactional elements by which residents of La Fortuna, Costa Rica, engaged in sustainable tourism practices. The study was based on the theoretical notion of the community field. It used key informant interviews and participant observation. The study shows how economic, social and environmentally sustainable practices were made possible through community agency, the construction of local relationships that increase the adaptive capacity of people within a common locality. Key factors found to enable community agency are strong intra- and extra-community interactions, open communication, participation, distributive justice and tolerance.     

Stated preference and choice models applied to recreation research: A review

Abstract

This article discusses the use and usefulness of stated preference and choice models in recreation/leisure research. Stated preference and choice models require one to design decision experiments to study recreational and leisure decisions made in hypothetical or simulated markets. Historically, such experiments were uncommon in recreation and leisure research; therefore we pay particular attention to comparisons of the stated preference modeling approaches with modeling approaches based on observations of choices made in real markets, such as the analysis of discrete choices using conditional and nested multinomial logit models. The conceptual and theoretical bases of stated preference and choice models are discussed; and procedures for developing such models, including different design strategies, are outlined. Potential uses of these models in recreation research are illustrated with reference to several recent empirical applications.