The impact of ADR activity on stock market liquidity: Evidence from Latin America

This paper examines the impact of ADR activity on liquidity of four major Latin American stock markets. We construct a measure of ADR activity in U.S. markets for a sample of ADRs trading during January 2003–December 2010, which is subsequent to the financial liberalization episodes and currency crises that shocked emerging markets in the 1990s. The sample lists 164 depositary receipt programs (Levels I, II, and III): 16 from Argentina, 81 from Brazil, 19 from Chile, and 48 from Mexico. Using System GMM methods to handle the potential effects from stock market development on economic growth and ADR issuance, we find that higher ADR turnover in U.S. markets has positive effects on domestic market turnover, particularly for issuance of exchange-listed (Levels II and III) ADRs. This positive relationship is not a statistical artifact created by the global financial crisis of 2008.     

Why customer focus strategies often fail

The author details nine pitfalls that sabotage efforts to execute a quality improvement strategy and insists that management must take a more active role in promoting the importance of customer-focused quality.     

Time series analysis

Time series analysis has undergone radical changes in recent years. The objectives of time series analysis remain the same, but the techniques have changed. Box and Jenkins (1968, 1970; see also Nelson, 1973) particularly have introduced a class of models which have a wide variety of applications in time series modelling. The purpose of this paper is to examine the relevance of their approach to political science, to introduce their techniques to the student unfamiliar with their work, and to discuss future developments in this area in relation to political science methodology. The sections involve an analysis of their approach, then an example of their model building strategy applied to poll data and, finally, a discussion of future developments. But before embarking on the main discussion it is useful to examine the objectives of time series analysis in general and to distinguish it from other areas of statistical analysis in the social sciences.     

Testing a negotiation model on Canadian Anglophone and Mexican exporters

In this study, the authors test a previously developed model of negotiations. The structural equations model focuses on the antecedents of problem-solving behaviors and negotiators’ satisfaction. The replication uses two new groups of businesspeople—Canadian Anglophone and Mexican industrial exporters. Similarities and differences in model fit were discovered across the two groups of exporters. Results validated the importance of reciprocity as a social construct in cross-cultural negotiations. The problemsolving behaviors of Canadian and Mexicans were found to be a function of their perceptions of the counterparts’ strategy. Mexicans’ problem-solving behaviors subsequently influenced their expressed satisfaction with outcomes. The impact of bargainer and organizational characteristics varied across the two groups. Alma Mintu-Wimsatt (alma_wimsatt@tamu-commerce.edu), Ph.D., is a professor of marketing in the College of Business and Technology at Texas A&M University-Commerce. Her research focuses on international negotiations, cross-cultural buyer-seller relationships, and technology-mediated learning. She has published inManagement Science, theEuropean Journal of Marketing, theJournal of Personal Selling and Sales Management, andThunderbird International Business Review. She received her degree from the University of Kentucky. John L. Graham (jgraham@uci.edu), Ph.D., is a professor of marketing and international business in the Graduate School of Management at the University of California, Irvine. His primary area of research has been on international negotiations. He has published extensively in both academic and management journals including theHarvard Business Review, theColumbia Journal of World Business, theJournal of Marketing, Marketing Science, theJournal of Consumer Research, theJournal of International Business Studies, and theJournal of Higher Education. His research has also been the subject of articles published inThe Smithsonian, Chronicle of Higher Education, and theLos Angeles Times. He received his degree from the University of California, Berkeley.     

Australian businesses in China: searching for synergy

This article reports on an empirical, interpretive study conducted in 2001-2002 in the Beijing region of China. The case of the ‘Australians managing in Northern China’ is reported here. This research explores two major areas. First, it investigates the imilarities similarities and differences between Australian and Chinese cultures both at the national and corporate levels as the actors – the Australian managers and their Chinese colleagues – see them. Secondly, it studies how the actors are interacting to manage cultural issues in their organizations and whether synergies are emergent from their interactions. The article attempts to help managers and researchers gain a deeper understanding of the questions: what major cultural similarities and differences do Australian and Chinese managers perceive both inside and outside of their organizations; how do managers interact to effectively manage cultural issues in Australian businesses in China and how is synergy possible?     

Learning and the disappearing association between governance and returns

The correlation between governance indices and abnormal returns documented for 1990–1999 subsequently disappeared. The correlation and its disappearance are both due to market participants' gradually learning to appreciate the difference between good-governance and poor-governance firms. Consistent with learning, the correlation's disappearance was associated with increases in market participants' attention to governance; market participants and security analysts were, until the beginning of the 2000s but not subsequently, more positively surprised by the earning announcements of good-governance firms; and, although governance indices no longer generated abnormal returns during the 2000s, their negative association with firm value and operating performance persisted.     

Information for decision making in marketing: the use of Group Support Systems (GSS)

Group Support Systems (GSS) Technology is an information technology which seeks to support collaborative work. Extensively used to support organisational activities, it has not yet been tested to the full within the market research setting. The paper reports on a GSS focus group meeting to determine key questions of concern about the National Training Reform Agenda. Participants were leaders in a primary industry in Australia and the questions would be related to a public relations exercise. GSS provided the opportunity to deal with complex issues efficiently and yet preserve the conversational characteristics of the focus group meeting.     

Efecto en la calidad de la información ante cambios en la normatividad contable: caso aplicado al sector real mexicano

The purpose of this paper is to examine whether changes in accounting standards improve value relevance of financial information on listed companies in Mexico. The research was conducted for the period 2000-2013 using a sample of 141 companies that report to the Mexican stock exchange using the methodology of panel data. Our findings show that changes in local regulations (generally accepted accounting principles) to internationally approved standards (financial reporting standards and international financial reporting standards) increase the value relevance and therefore the quality of information. The study shows that the accounting information with international financial reporting standards is more trustworthy for foreign and national investors.     

Of Fallacies and Curricula: A Case of Business Ethics

One of the main objectives of the undergraduate business school curriculum is to develop the students' critical thinking and decisionmaking skills. Official documents such as the school's objectives usually state this as part of its social contract. However, university processes sometimes break the most elementary rules of logical reasoning which, in turn, may lead to questionable decisions. This paper discusses the specific case of the mandatory stand-alone business ethics course as an instance of flawed reasoning in curricular processes. Educational institutions model the students' decision making patterns, not only by formal courses but by the example their own decision making processes set. Academicians should be aware of these processes' underlying values and vices. This should lead to better decisions and set a proper example for our students.