Does Shareholder Composition Matter? Evidence from the Market Reaction to Corporate Earnings Announcements

We examine whether institutional ownership composition is related to parameters of the market reaction to negative earnings announcements. When firms report earnings below analysts' expectations, the stock price response is more negative for firms with higher levels of ownership by momentum or aggressive growth investors. There is no evidence, however, that these institutions cause an “overreaction” to earnings news. Ownership structure is also related to trading volume and to stock price volatility on days around earnings announcements. Our findings are consistent with the idea that the composition of institutional shareholders effects stock price behavior around the release of corporate information.     

Tourism employment during economic transition

This study examines labor mobility into tourism employment during economic transition. Working from the proposition that the industry serves as a refuge, it discusses the inward mobility patterns from other economic sectors, assesses the impact of the change, and measures the motivations for taking up such occupations. The study found that workers came from an unusually wide range of industries, which supports the idea of upheaval in the labor market. While there is little indication it is causing widespread personal suffering, evidence for the “refuge” role of tourism was found. Employment in this industry emerges as being attractive and accessible for people with various stock of human capital.     

Insight into everyday media use with multiple screens

ABSTRACT

Multiscreening has been shown to affect consumers' brand attitudes and their memory of advertisements. However, little is known about the prevalence of using multiple screens simultaneously. The aim of this study is to provide insight into multiscreening by examining its prevalence, the composition of screens, and who is likely to multiscreen. A diary study with a representative sample of the Dutch population (n = 2,399) was conducted. First, the results showed that almost 60% of the participants multiscreened at least once. They multiscreened on average three days a week, mostly on Sundays, and on average more than 80 minutes per day. Second, the most prevalent screen combinations were TV-smartphone, TV-laptop, and TV-tablet. Third, multiscreeners were on average 41 years old, predominantly female, have a higher than average education, and own on average more than four screens. Finally, it was found that, in general, younger participants multiscreened longer than older participants.     

Freedom of choice between unitary and two-tier boards: An empirical analysis

We examine board structure in France, which since 1966 has allowed firms the freedom to choose between unitary and two-tier boards. We analyze how this choice relates to characteristics of the firm and its environment. Firms with severe asymmetric information tend to opt for unitary boards; firms with a potential for private benefits extraction tend to adopt two-tier boards. Chief executive officer turnover is more sensitive to performance at firms with two-tier boards, indicating greater monitoring. Our results are broadly consistent with the Adams and Ferreira (2007) model and suggest that gains result from allowing freedom of contract about board structure.     

Destination loyalty and repeat behaviour: an application of optimum stimulation measurement

This paper reports on a study of consumer loyalty in the holiday destination selection process. The study does not define loyalty, but attempts to contribute to an understanding of the concept by applying a psychological measure of variety seeking directly to patterns of holiday destination choice. The measure used is based on the optimum stimulation level (OSL) concept. The guiding proposition in this study was that tourists with a high need for variety would display a varied pattern in their vacation destination selection and this assumption is modestly supported by the empirical findings. The results suggest that further experimentation with the OSL would be fruitful when combined with attitudinal measures and with precisely defined sets of tourist behaviours. Copyright © 2004 John Wiley & Sons, Ltd.