On the impact of macroeconomic news surprises on Treasury-bond returns

This paper investigates the impact of surprises associated with monthly macroeconomic news releases on Treasury-bond returns, by paying particular attention to the moment at which the information is published in the month. Implementing an event study on intraday data, we show that (1) the main bond market movers are based on economic activity and inflation indicators, (2) long-maturity bonds are slightly more impacted by surprises than short-maturity ones, and (3) the bond market is more sensitive to negative surprises than to positive ones. Finally, we find evidence of an empirical monotonic relationship between the surprises’ impact and their corresponding news’ publication date and/or their sign.     

Sequential auctions: theory and evidence from the Seattle Fur Exchange

We develop a model that incorporates salient features of the Seattle Fur Exchange: identical lots of furs are auctioned sequentially, bids must be raised by specified increments, and the winner of a lot has the privilege of beginning the bidding on the subsequent lot. Predictions of the theory are consistent with the data. Revenue implications of the theory are also explored.     

Choice,diversity and ‘false consciousness’ in women's careers

The central theme of this paper is that contemporary literature concerning women's careers is based on assumptions held by researchers and not actually on views held by women themselves. Many feminist researchers are guilty of assuming ‘false consciousness’ on the part of their subjects by explaining these women as being victims of gender or patriarchal systems instead of making a mindful decision founded on choice. The empirical work draws on in‐depth interviews with 39 women architects. Of the 39 women interviewed, 20 had adopted alternative ways of working in the sense that they had rejected the conventional career within an organization. Their reasons for this were diverse and ranged from wanting to combine child or elder care with work; involvement in local politics; wanting time for further study or sporting activities; as well as just not wanting to work full‐time. In short, this research demonstrates that work is not always a central interest in the lives of individuals and supports Hakim's view of heterogeneity among women.     

Disentangling the performance effects of efficiency and bargaining power in horizontal growth strategies: An empirical investigation in the global retail industry

Mergers and acquisitions (M&A) and organic growth are two common strategies to achieve horizontal growth. In this study, we disentangle two distinct sources of firm performance corresponding to different theoretical perspectives on firm size: firms' bargaining power with respect to suppliers and customers, and operating efficiency arising from scale economies. We conceptually argue and empirically show that relatively, M&A enhance bargaining power in the short term while organic growth enhances operating efficiency over the long term. In order to disaggregate these effects, we use accounting rather than financial or managerial data and test our predictions in the global retail industry over a 20‐year period. We examine implications of these results for sustainability of size‐based competitive advantages. Copyright © 2014 John Wiley & Sons, Ltd.     

Relevance of the Attention Effect in the Brazilian Stock Market

This article aims to analyze the impact of investor attention in the Brazilian stock market, particularly the effect of positive pressure on asset prices verified by Barber and Odean (2008 Barber, B. M., &; Odean, T. (2008). All that glitters: The effect of attention and news on the buying behavior of individual and institutional investors. Review of Financial Studies, 21(2), 785–818. doi:10.1093/rfs/hhm079[Crossref], [Web of Science ®] , [Google Scholar]). Using the methodology of Da and colleagues (2011 Da, Z., Engelberg, J., &; Gao, P. (2011). In search of attention. The Journal of Finance, 66(5), 1461–99. doi:10.1111/j.1540-6261.2011.01679.x[Crossref], [Web of Science ®] , [Google Scholar]), we seek to assess whether investor attention, as measured by the volume of searches on Google, can explain abnormal variations in market activity and asset returns. The results indicated that the Internet search data does explain variations in turnover rate and trading volume of assets. However, unlike the results of studies conducted in other countries, the price pressure hypothesis was not observed in the Brazilian market.     

Paradoxes from the Individualization of Human Resource Management: The Case of Telework

In the context of change to the “new modernity” described in Beck’s work, companies develop management modes and methods that focus more and more on individuals. Constitutive of the individualization process, human resources practices have become ambivalent as the process itself. This contribution examines how a managerial and organizational innovation as telework contributes to the process of individualization, and the paradoxes it addresses to management. At the interface of the social and the technical, teleworking appears as a flexible arrangement, meeting employees’ and employer’s demands – which is a characteristic of the process of individualization – by simultaneously fragmenting collectivity, exposing individuals to social risk, and producing exclusion. The authors focus on two consecutive paradoxes of such individualized managerial practices: the individual–collective dilemma and the autonomy–control paradox. Finally, the paper reveals HRM as a new institution of individualization in a world where regulation functions are more and more transferred to individuals themselves.     

Corporate Social Responsibility Practices in Developing and Transitional Countries: Botswana and Malawi

This research empirically investigated the CSR practices of 84 Botswana and Malawi organizations. The findings revealed that the extent and type of CSR practices in these countries did not significantly differ from that proposed by a U.S. model of CSR, nor did they significantly differ between Botswana and Malawi. There were, however, differences between the sampled organizations that clustered into a stakeholder perspective and traditional capitalist model groups. In the latter group, the board of directors, owners, and shareholders were important stakeholders that appeared to be restricting extended stakeholder CSR activities in the Malawi and Botswana organizations. The sampled managers recognized the economic benefits of CSR practices and were not at odds with social objectives.     

Methods that may stimulate creativity and their use in architectural design education

The architectural design process is based on a creative phase where creativity is highly valued. Although the literature on creativity is rich in ways to stimulate the decision-making process, these tools are rarely formally present in the building design process. To further the discussion on creativity and design education this paper presents a study on methods that may enhance the creative process and their application in architecture courses around the world. The results of this inquiry indicate that design instructors apply methods that may stimulate creativity mostly informally, with some positive results. To explore more fully the richness of the literature on the enhancement of creativity, structured applications of methods are recommended in controlled experiments to analyze results.