Arbitrage risk and the turnover anomaly

A strong turnover premium exists such that stocks with lower turnover have higher future returns in the 5 years following their formation than those with higher turnover. This turnover premium cannot be explained by existing asset-pricing models, a risk-based liquidity factor, or anomalies such as size, book-to-market ratio, or momentum. Further analysis indicates that the turnover premium is greater for stocks with higher idiosyncratic volatility, higher transaction costs, lower institutional ownership, and lower investor sophistication, which implies it is consistent with the mispricing explanation based on arbitrage risk.     

Understanding the performance of software-as-a-service based on service-dominant logic

How to improve performance of software-as-a-service remains a problem. Drawing from the service-dominant logic, the relational view, and the social exchange theory, we develop a model to delineate the relationships between performance, relationship-specific services, and internal services. The premise of this model is that the service provider's internal services play a key role in motivating the client to collaborate with the vendor. This helps the provider offer relationship-specific services, characterized as knowledge-based and process-based services and the provider's performance relies on these services. Results of empirical testing using responses from 102 firms support the proposed hypotheses. Our findings provide a number of useful implications for research and managers.     

Project Management Knowledge and Effects on Construction Project Outcomes: An Empirical Study

This study examines the relationships among the PMBOK® Guide, project performance, customer satisfaction, and project success by assessing the efficacy of management techniques, tools, and skills for implementing infrastructure and building construction. Experienced interviewees from private engineering firms and public agencies were asked to complete a questionnaire, and the responses were analyzed by means of a structural equation model. The analytical results indicate the appropriateness of prioritizing the practice of the PMBOK® Guide in the construction industry. This study contributes to the literature by providing insight into interactions among the PMBOK® Guide and construction project outcomes in engineering practices. Particularly, the “bidder's conference” and “procurement negotiations” are the priority techniques to minimize bidding and legal procurement problems. Moreover, the study recommends the use of “stakeholder analysis,” “communication requirements analysis,” and the “communication methods” to perform effective communication management. Although the conclusions are based on the sample collected in Taiwan, the research findings can be used by project managers and educators to tailor the PMBOK® Guide to their unique needs and to design effective training programs for construction specialists.     

A fuzzy AHP approach based on the concept of possibility extent

The main purpose of this paper is to develop a fuzzy AHP method for tackling the uncertainty and imprecision existing in multi-criteria decision process. The proposed method uses fuzzy pair-wise comparison judgments in place of exact numerical values of the comparison ratios. The geometric mean technique is used to integrate all decision-makers’ opinions and construct the fuzzy positive reciprocal matrices. The algebraic operations of triangular fuzzy numbers are utilized to calculate the fuzzy suitability indices of all alternatives. The extent analysis method is used to compute the degree of possibility of priority among fuzzy suitability indices. Besides, two principles are presented to solve the multi-criteria decision problem in a fuzzy decision environment. Principle I provides a partial preorder, and Principle II gives a total preorder on the set of the possible alternatives. Finally, a numerical example of selecting the company with optimal performance in performing customer relationship management is used to demonstrate the decision process of proposed method.     

Boom‐Baby CEOs,Career Experience,and Risk Taking: A Natural Experiment Using Chinese CEOs’ Growth Paths

China's economy represents a unique experimental environment, in that it has undergone a successful transformation from a planned to a more open system. Leveraging this natural experimental setting, this study examines the impacts of CEOs’ formative experiences on their risk‐taking behavior. Two events likely constitute formative experiences for CEOs: economic reforms that commenced in 1978 and their prior career experiences. In turn, CEOs’ risk tolerance attitudes likely reflect the influences of these significant events. The results show that CEOs who experienced economic reforms in their early adult life exhibit higher risk‐taking likelihood and greater risk tolerance than those who grew up during the planned economy era. Furthermore, firm performance achieved by CEOs’ risk taking is significantly better when CEOs originally started working in and then remained within business sectors.     

A rare move: The effects of switching from a closing call auction to a continuous trading

This study investigates the effects of switching to a closing continuous trading (CCT) on market quality, while considering the trading behaviors of different types of traders. Investors become more patient in the period preceding the last trading phase, which reduces the bid–ask spread (BAS) in that period. We find an increase in the BAS and volatility during the last trading phase, due to diminishing investor patience. Market volatility and the closing pricing errors relate positively to the trading activities of foreign institutional investors. Overall, the introduction of the CCT worsens the market quality before the closing.     

I Resent that I Have Helped you! A Qualitative Study of Sources and Consequences of Resentment of Helping

Employee Responsibilities and Rights Journal - Drawing upon conservation of resources (COR) theory, prior research has shown how helping behavior leads to a depleted condition experienced by the...     

Organizational intellectual capital and its relation to frontline service employee innovative behavior: consumer value co-creation behavior as a moderator

Frontline service employee innovative behavior is “the moment of truth” that significantly affects organizational performance. Yet, little research has investigated the effect of organizational intellectual capital on frontline service employee innovative behavior. This study used SPSS 24.0 and AMOS 20.0 to examine the structural model and the hypothetical effects of (1) different dimensions of organizational intellectual capital on frontline service employee innovative behavior and (2) consumer value co-creation on frontline service employee innovative behavior along the dimensions of organizational intellectual capital. A total of 282 valid questionnaires were collected from frontline service employees working at a travel agency located in Taipei, Taiwan. Human capital and customer capital were found to positively affect frontline service employee innovative behavior. The interactions between consumer value co-creation and human and customer capital had a significant moderating effect on frontline service employee innovative behavior.     

The effects of executive compensation and outside monitoring on firms’ pre-repurchase disclosure behavior and post-repurchase performance

Review of Quantitative Finance and Accounting - We show that corporate governance mechanisms play an important role in controlling managers’ opportunistic behavior. Low executive equity...     

The Australian Growth Experience, 1960–2000: Human Capital,R&D or Steady‐State Growth?

This article examines the sources of economic growth in Australia from 1960 to 2000 by adapting a framework developed in Jones (2002), whereby long‐run growth is driven by the global discovery of new ideas, which in turn is tied to world population growth. We find that, contrary to the conventional view as suggested by sustained growth rates and a stable capital–output ratio over the last several decades, Australia is clearly not on its steady–state balanced growth path. Australia has benefited from increases in educational attainment and research intensity: 42 per cent of Australian growth between 1960 and 2000 is attributable to the rise in educational attainment, about 20 to 40 per cent is attributable to increasing research intensity, while only 10 to 30 per cent is due to long‐run population growth in the idea‐producing countries.