Information and trade sizes: The case of short sales

In this study, we examine short selling of NASDAQ stocks and observe that more information about future returns is contained in small short sales than in medium-sized and large short sales, thus supporting the idea that NASDAQ short sellers stealth trade. These results are robust to different subsamples of stocks with and without tradable options and stocks that are more likely to face binding borrowing constraints. Further, these findings are contrary to the results in Boehmer, Jones, and Zhang (2008) who find that large NYSE short sales contain the most information. Combined, our study supports the idea that NASDAQ's bid test is less restricting than the NYSE's uptick rule and therefore attenuates the likelihood of stealth trading (Diether, Lee, & Werner, 2009a).     

Banks’ non-traditional activities under regulatory changes: impact on risk,performance and capital adequacy

Using the big six Canadian chartered banks quarterly financial statements and daily stock market data from 1982 to 2018, we examine the impact of non-interest income on Canadian banks’ risk, performance and capital under the different major regulatory changes made to the Bank Act of Canada. Our results show that Canadian banks’ expansion into non-traditional activities had slightly decreased their risks and significantly improved their performance benefitting from income diversification. Moreover, while adhering to capital adequacy regulation, reshuffling banks’ portfolio towards non-traditional activities did not reduce Canadian banks’ capital ratio. In spite of the re-regulation towards universal banking against ring-fencing, this feature buttresses the effectiveness of capital adequacy regulation in Canada in linking banks capital allocation with their risk taking.     

The impact of abusive supervision and co-worker support on hospitality and tourism student employees’ turnover intentions in Ecuador

Ram (2015. Hostility or hospitality? A review on violence, bullying and sexual harassment in the tourism and hospitality industry. Current Issues in Tourism. doi:10.1080/13683500.2015.1064364) posits that violence and harassment are areas of concern within the hospitality industry, and scholarly interest in abusive supervision in the workplace has grown since the last decade. This study extends Ram's (2015. Hostility or hospitality? A review on violence, bullying and sexual harassment in the tourism and hospitality industry. Current Issues in Tourism. doi:10.1080/13683500.2015.1064364) assertion by examining the effect of abusive supervision experiences on student employees’ turnover intentions in a hospitality and tourism context in a high power distance culture, Ecuador. The results showed that abusive supervision was positively related to turnover intentions, and its effect was stronger than co-worker support, with the abusive supervision–turnover intentions relationship being fully mediated by perceived organizational support (POS). In addition, co-worker emotional support was found to attenuate the negative effects of abusive supervision on POS. All in all, the findings highlight the roles of POS in explaining the relation between abusive supervision and turnover intentions and co-worker emotional support in buffering the negative effect of abusive supervision. The important role of culture is discussed.