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.     

Timing versus Buy and Hold: A Model for Determining Predictive Accuracy Required for Superior Performance

In this application, we develop a model to simulate the decisions of a trader whose subjective distribution of returns may be correlated with realized stock returns. Using empirically estimated parameters from stocks in the CRSP database, we obtain performance data on a number of measures, including mean returns, volatility, the Sharpe measure, and the probability of a correct trading decision. The model suggests that daily trading of a portfolio of 20 volatile stocks gives a Sharpe measure better than that of buying and holding the S&P 500 when timing accuracy is 53% or better.     

A free retail investment market?

Retail financial services regulation under the Financial Services Act of 1986 has been a disaster, and Labour plans to reform it promise to be little better. This paper suggests a better approach - a free market approach sbased on the principles of free competition, caveat emptor , utmost good faith, disclosure and summary redress of grievance. This regime would be both efficient and equitable, and the existing army of regulatory bodies could be disbanded.     

The choice between rights and underwritten equity offerings: Evidence from Chinese stock markets

We study the choice and valuation effects of alternative flotation methods using a sample of Chinese firms that must meet the return on equity (ROE) thresholds set by the government to raise equity capital. The ROE requirement, although changed over time, seems to play an important role on the valuation and performance of seasoned equity offerings. The analysis of 219 rights and 75 underwritten offerings between 2000 and 2004 shows that Chinese firms that are not qualified for the flotation method with a higher ROE requirement suffer the most at announcement and experience significantly lower buy-and-hold abnormal returns than those that are qualified. Our results suggest that the freedom to choose their preferred flotation method may be valuable to firms that meet the higher ROE requirement. Finally, our probit models identify several determinants of the choice of flotation methods.     

Maximum-likelihood based inference in the two-way random effects model with serially correlated time effects

The general case where the time specific effect in a two way model follows an arbitrary ARMA process has not been considered previously. We offer a straightforward maximum likelihood estimator for this case. Allowing for general ARMA processes raises the issue of model specification and we propose tests of the null hypothesis of no serial correlation as well as tests for discriminating between different specifications. A Monte-Carlo experiment evaluates the finite-sample properties of the estimators and test-statistics. We have benefitted from discussions with Pietro Balestra, Marc Nerlove and Peter Schmidt and comments from participants at the Ninth International Conference on Panel Data and the Econometric Society Eight World Congress. Financial support from HSFR, the Swedish Research Council for the Humanities and Soical Sciences is gratefully acknowledged.     

液相色谱-串联四级杆质谱方法检测动物源性基质中的β2——受体激动剂

利用安捷伦6410高效液相色谱串联质谱（LC／MS／MS）方法快速、准确地测定多种β2-受体激动剂的残留量。串联质谱在电喷雾（ESI＋）,多反应监测（MRM）模式下,进行质谱定性和定量分析,比液相检测方法灵敏、快速。该方法的定量检测限（LOQ）大多在0．5μg／kg以下,完全可以达到欧盟和日本对β2-受体激动剂残留限量的要求。     

Public Policy of Urban Mobility: Impact of the History and Practices on Young Drivers’ Social Representation of 30 km/hr

The research is part of the project of generalization of the 30 km/h in Angers (France) that funded the study. It aims at providing material to build awareness campaigns for young drivers. The goal is to understand their representations of the 30 km/h within the structural approach of social representations. We focus on the “calling into question” technique in order to confirm the central core composition. The sample is composed of French students living in Angers. Results reveal the role of both historical aspects and the experience of driving in the structuration of the representation. Drivers and non-drivers do not have the same representation of the 30 km/h. Men and women share the same representation under the definition of the central core theory. But our results highlight peripheral differences related to individuals’ practices. Finally, we discuss the definition of representational elements and we explain the relevance of this study for communication.     

Sneaking through the minefield of talent management: the notion of rhetorical obfuscation

In spite of the growing popularity of talent management in practice, there has been a distinct lack of theoretical attention paid by scholars to such a strategically important innovation. To address this shortfall, we conducted an in-depth case study of a multinational enterprise to examine and conceptualise the rhetorical underpinnings of its efforts in implementing a talent management programme. Based on our findings, we propose the notion of rhetorical obfuscation to conceptualise the intentional use of persuasive language to selectively project and communicate organisational agenda as a means of directing and reinforcing relevant stakeholders' commitments and conforming behaviours. In particular, we found that rhetorical obfuscation was used extensively in the case organisation to cover up inconsistency in practices and lack of legitimacy during the institutionalisation of talent management. Our contributions are threefold. Firstly, this study has provided a necessary theoretical grounding to conceptualise talent management. Secondly, by introducing the theory of rhetorical practice to human resource (HR) innovation research, our account has demonstrated the usefulness of rhetorical practice and created a launch pad for other HR researchers to build upon. Thirdly, by exploring the rhetorical underpinnings related to the adoption of talent management, we have added to the rich intellectual tradition of rhetorical practice by presenting the notion of rhetorical obfuscation.     

Turnaround user acceptance in the context of HR self-service technology adoption: an action research approach

Growing advancement in electronic human resource management (e-HRM) in general, and human resource (HR) self-service technology in particular, has afforded transformational opportunities in changing the design and delivery of HR services. Despite their importance, our understanding of how acceptance of these technologies can be improved remains limited. To address this shortfall, this study utilises the Technology Acceptance Model (TAM) to consider how HR can drive and influence the adoption of HR self-service technology in an organisation. Utilising an action research approach, this study documents and reflects on the experience of a UK building society in introducing a new version of HR self-service technology, and analyses how interventions can be used to reshape users' perceptions. Our findings show how HR can play a more proactive role in shaping and reshaping users' perceptions towards accepting such a technology by better understanding how systematic interventions can be developed, used and evaluated. Our contributions are not only limited to the theorisation of HR self-service technology based on TAM, but also lie in demonstrating how action research, although currently underused, can be a valid and valuable approach for HR research and practice.